DEHRADUN, India, Jan. 30 (UPI) -- India's Oil and Natural Gas Corp. Ltd. approved a measure to invest $1.46 billion for redevelopment of its Mumbai High North field, directors said.
The decision will allow ONGC, the public petroleum company, to increase oil and gas production at the offshore field by 2030, the Platts news service reported.
First-phase development came online in December 2006, and its success prompted consideration of the additional effort for redevelopment.
The field came into production in 1976 to produce some 245,000 barrels per day. India is expected to become more dependent on imports unless it finds new domestic resources. It currently imports 2.93 million barrels of crude per day, which is about 78 percent of its consumption.
ONGC approved the measure Wednesday. The project should be completed by September 2012.