ONGC to invest $536 million in Mumbai High

India's state-owned Oil & Natural Gas Corp. plans to invest 24.84 billion rupees ($536 million) in Mumbai High, its largest oil field, during the current fiscal year, which ends Mar. 31, 2005.Although much of this investment is targeted towards continuing redevelopment to increase production from the aging asset off Mumbai, at least half the sum is being directed towards new projects. RahaClick here to enlarge image"We had launched a redevelopment program at Mumbai High in 2001, to increase our oil recovery, and planned total investments of 80 billion rupees," said ONGC Chairman and Managing Director Subir Raha, on the sidelines of the 11th Indian Oil & Gas symposium, in Mumbai Sept....

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