India's energy behemoth, Oil & Natural Gas Corp (ONGC) unveiled grand plans to spend as much as a record $5 billion, in order to develop gas fields in India. This will provide a boost to gas output by as much as 60% in the next six years. According to a recent Bloomberg report, ONGC has already set the ball rolling by applying to the country's oil and gas regulator on July 16, seeking permission to invest funds in nine natural gas discoveries off India's west coast. This will produce 35 million cubic meters per day by the year 2016. The Directorate General of Hydrocarbons is yet to approve the plan. The amount planned to be invested is reportedly triple that of the company's planned spending on its largest oil field. Source: Steel Insights Daily