Financial Insights

ONGC commissions projects worth Rs 6,000 crores to improve output

Oil & Natural Gas Corporation (ONGC) has commissioned two projects costing Rs 6,000 crores in an effort to raise output of Mumbai High Fields.

The projects are to add 7.5 million tonnes of oil production and 1 billion cubic metres of gas output over the life of the field. It includes an advanced 8-legged water injection-cum- living quarters and the balance on the Cluster-8 development project.

The Water injection project has been implemented with strategic emphasis on local procurement of Rs 1,700 crore, in line with the Make in India Initiative of the government. Out of a total 45 major Pumps/packages in the project, 42 major pump packages have been manufactured in India. 40,000 tonnes of structural steel, enough to make 5 Eiffel Towers have been used in the structure.

The stock appears to have entered into a range since February 2022 as it saw brief rises and falls beyond the aforesaid range. The stock closed at Rs 169.65 today.

Highlight by Aman Agarwal.

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