India will see an investment of about USD 20 billion in gas field development in the next 5-7 years and is looking to boost usage of the green fuel and double consumption, Oil Minister Dharmendra Pradhan said today.
The investment will be primarily in developing natural gas discoveries by state-owned ONGC and Reliance Industries-BP joint venture off the east coast, the minister said at CII’s ‘Global Energy Dialogue’ event here. “We are now expediting production of gas from domestic sources to the extent of 20 trillion cubic feet from already discovered sources through policy, fiscal and regulatory mechanism. These fields and the current auctions of Discovered Small Fields are going to add to the domestic supplies in the next 3-4 years,” he said. RIL-BP has several discoveries in the adjacent KG-DWN- 98/3 or KG-D6 block and NEC-25 off the Odisha coast.