The board of Oil and Natural Gas Corporation (ONGC) declared on 4 January 2012 that it approved Rs.352.50-crore investment for producing oil from a marginal field off the Mumbai coast. The board also approved a Rs.115-crore investment in the Heera and South Heera fields, situated 70 km South-West of Mumbai city.
The board also approved an interim dividend of Rs.6.25 per share of Rs.5 each for 2011-12. The total payout on this account was estimated to be Rs.5347.20 crore, out of which the government is to get Rs.3964.36 crore.
The board had approved redevelopment of the B-173A marginal field situated 50 km west of the Mumbai coastline for improving its recovery factor. The field was discovered in 1992. The field currently produces 1870 barrels of oil per day. Till 31 October 2011, the field produced about 2076 million tonnes.
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