Public sector oil and gas major, ONGC has lined up Rs 6,300 crore investment for launching the second phase of exploration activity in Mumbai High south field.
ONGC CMD R S Sharma told reporters in Chennai the board has given Rs 5,700 crore approval on October 3 this year for implementing the project over a five year period. The magnitude of the full investment of Rs 6,300 crore is inclusive of the past approvals. The first phase of Mumbai High offshore project, which entailed an investment of Rs 5,200 crore, has been completed 19 months ahead of schedule.
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