ONGC to invest $406 million in Arabian sea oil field

MUMBAI (Reuters) - State-run Oil and Natural Gas Corp said on Monday it would invest an additional 24.8 billion rupees for development of its Vasai East oil and gas fields in the Arabian sea.

The state-run company expects an incremental oil production of 1.83 million metric tonnes and gas production of 1.97 billion cubic meters by 2030 after the completion of the project by 2018, it said in a statement to the exchanges.

(Reporting by Nandita Bose; Editing by Sumeet Chatterjee)