Oil and Natural Gas Corp, India's biggest energy explorer, will invest 10,600 crore rupees in raising production from its western offshore fields. In a statement, the company said, ONGC board has approved third phase of redevelopment of its prime Mumbai High South oil and gas field at a cost of over 6,000 crore rupees and integrated development of Mukta, Bassein and Panna formations at an investment of 4,620 crore rupees.

It said, the Mumbai High South Redevelopment (Phase-III) will lead to incremental gain of 7.547 million tonne crude oil and 3.864 billion cubic meter gas by 2030. The project is designed to carry forward the success of the previous two phases of redevelopment project and give a new lease of life to the giant field, which has been in production for over three decades.