MRC -- India's Oil and Natural Gas Corp said it expected total oil output to climb 11% after its project off the country's east coast started producing oil, said Hydrocarbonprocessing.
The project will also likely increase ONGC's gas output by 15%, the company added.
The state-run company sees production from the rest of the oil and gas fields in the project by mid-2024 and is eyeing peak output of 45,000 barrels of per day and more than 10 million metric standard cubic meters per day of gas from the project.
The company currently contributes to 71% of India's domestic oil production, according to its official website.
Shares of ONGC were up as much as 2%, their highest since May 2015.
We remind, Motiva Enterprises is scheduled to shut the large CDU and large coker at its 626,000 bpd Port Arthur, Texas (U.S.). Motiva will shut the 350,000 bpd VPS-5 CDU and the 110,000-bpd DCU-2 coker for planned overhauls of the units expected to take 45 days to complete, said the three sources.