The investment will be made over the next few years, which will enhance the production of crude oil.
Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday inaugurated an Enhanced Oil Recovery (EOR) programme for Mangala-Bhagyam-Aishwarya (MBA) fields in Barmer.
The programme will help the company in achieving the production target of 500,000 barrels oil per day (BOPD) from the Barmer oil fields.
"Production will go up to 300,000 BOPD based on the capital investment plan of Rs 120 billion that has already been initiated and the production will further go up to 500,000 BOPD with full investment plan of over Rs 370 billion over next few years," the release said.
The union minister interacted with young engineers and also with a group of women petroleum engineers after launching the programme.