India’s top oil and gas manufacturer ONGC will invest over $2 billion in coaching a record 103 wells on its key gas-bearing asset in the Arabia Sea as it pivots a turnaround plan that will add 100 million tons to production, the company said.

Oil and Natural Gas Corporation (ONGC) has three main assets off the west coast – Mumbai High, Heera and Neelam, and Bassein and Satellite, which funded 21.7 million tons of oil and 21.68 billion cubic meters of gas it created in 2021-22.

ONGC yields two-thirds of all oil and gas produced in the state, and any incremental manufacture would aid the country in cutting its requirement on imports for gathering energy needs.

India imports over 85% of the crude oil, rehabilitated into fuel such as petrol and diesel in factories. Approximately half of the natural gas used to produce electricity, make fertiliser, transformed into CNG for running automobiles and tweeted to household kitchens for culinary.

The government has been demanding state-owned firms to step up struggles to raise domestic productivity to help cut the $115 billion import bill.

The Daman field alone is predictable to add 6-7 mmscmd of more gas, while the Tapti field may see oil productivity almost magnifying to 30,000 bpd.

The fourth phase of the improvement of Mumbai High, India’s most creative oil and gas field, is almost whole, and the next step is at the application stage, while the sixth is at conceptualisation.

ONGC is likely to see a setback in production decline from the present fiscal. In the current fiscal year (2022-23), crude oil making will rise to 22.823 million tons and gas to 22.099 bcm. In the subsequent fiscal year, oil production will hike to 24.636 million tons and 25.689 million tons in 2024-25.

Natural gas production is slated to rise to 25.685 bcm in 2023-24 and 27.529 bcm in the following year.