State-run Oil and Natural Gas Corporation (ONGC) has unveiled its plan to pump $5.3 billion in developing gas fields in two of its eastern offshore Krishna Godavari basin blocks by 2013.

While commenting on the plan, Mr. D K Pande, ONGC Director stated, “(Oil regulator) DGH has approved our appraisal plan for the gas discoveries in deep-sea. We plan to drill six appraisal wells to assess the potential and delineate the discoveries.”

The two wells jointly are expected to produce 25million cubic meters gas per day

Stock of Oil and Natural Gas Corporation settled well at Rs 978, up 2.76 percent on National Stock Exchange.