According to the country’s spokesperson, it was found out that on Tuesday, India’s largest oil explorer Oil and Natural Gas Corporation (ONGC) plans to invest $7.7 billion in developing one of India's biggest gas fields off the eastern coast.

ONGC has aimed to drill eight additional wells in a block of the KG basin and has got approval from the regulator and the petroleum ministry. They have been exploring tie ups with the foreign companies and foreign partners who are expert in ultra deepwater drilling.

The KG basin is one of the India's most prolific gas basins, where some of the country's largest natural gas discoveries have taken place in the recent years. ONGC, which alone produces about 30 percent of India's crude requirement, is involved in exploring and exploiting hydrocarbons in 26 sedimentary basins in many other parts of India. Oil and natural gas companies are spending a lot of money on the exploration and production, as their demand and prices remains to be high.

India itself imports about 70 percent of its total fuel needs. ONGC has more than 50 percent of the 238 blocks awarded in bidding under India's exploration licensing policy. ONGC has produced 27.27 million tonnes of crude oil and 25.32 billion cubic metres of gas in the year of March 2011.