New Delhi, July 19: Oil and Natural Gas Corporation has told oil regulator DGH that its KG basin block may hold about 3 trillion cubic feet of gas reserves from which it plans to produce 25-30 million unit a day by 2016.
ONGC last week submitted a proposal for declaring nine gas discoveries in the northern area of block KG-DWN-98/2 commercially viable, company sources said.
Once Directorate General of Hydrocarbons (DGH) approves the commercial viability of the nine finds, ONGC will make a formal field development plan (FDP) outlining the specifics of producing gas from the find.
ONGC has tentatively put investment required for bringing to production Padmawati, Kanakadurga, Annapurna, N-1, D/KT, U, A, W and E gas finds in the Northern Discovery Area (NDA) of the block at over USD 5 billion, sources said.