ONGC Ltd has earmarked an investment of Rs 4,976.02 crore for the year 2006-07 which includes expenditure on development drilling and capital projects. This was revealed by Petroleum and Natural Gas Minister Murli Deora in his reply to a starred question by Ram Jethmalani and Ravi Shankar Prasad.
The quantity of crude oil expected to be produced during the current year (2006-07) is 27.35 mmt against last year's (2005-06) actual production of 24.404 mmt. The increase is due to (1) restoration of production loss due to Mumbai High-North (MH-N) incident, and (2) investments which have resulted in better reservoir health.