MUMBAI (Commodity Online): State run oil and Natural Gas (ONGC) (BSE: ONGC : 500312 NSE: ONGC) will invest Rs 2,060 crore in the B-127 oil and gas field in the western offshore.
The B-127 cluster constitutes three fields namely B-127, B-157 and B-59. The cluster is located east of Mumbai High with high hydrocarbon content.
According to the officials, it has a total of 24.6 million tonne oil and oil equivalent gas of which about 15.35 million tons oil and oil equivalent gas in major pools is considered for development, reported The Economic Times
The B-127 cluster development is expected to produce 1.836 million tonne oil and 2.093 billion cubic meter gas over 10 years.
On BSE, ONGC traded up 0.75% to Rs 268.05 on 3rd December at 12:00 IST
