NEW DELHI, Sept 11 - In a big ticket investment, Oil and Natural Gas Corporation (ONGC) on Wednesday announced that it will invest over Rs 13,000 crore in Assam over the next five years.
The ONGC has signed a memorandum of understanding (MoU) with the Assam government for boosting its exploration and production activities in the State, sources said.
The company will make investment for drilling more than 220 oil and gas wells across the State, it said.
“ONGC is giving impetus to its activities in alignment with the Prime Minister’s call for reducing import by 10 per cent by 2022 and North-east Hydrocarbon Vision 2030,” sources added.
Earlier in February, the oil and gas company had said that it would be investing about Rs 6,000 crore in drilling 200 developmental wells in Sivasagar and Charaideo districts. The wells are proposed to be drilled during the next seven years and necessary statutory clearances are being obtained. The investment planned will lead to increase in production.
Meanwhile, the ONGC, in a new vision document for 2040, has set a target to double oil and gas output from its domestic and overseas fields and expand its refining capacity threefold apart from diversification into renewables. The company plans to invest $15-16 billion to achieve this target.