State-owned Oil and Natural Gas Corp (ONGC) has announced that it will put over Rs 5,700 crore in the redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.

The company said in a statement that after the redevelopment the project will yield an incremental 6.997 million tonnes of crude oil and 5.253 billion cubic metres of gas by 2030.

"The board of ONGC approved the proposal for redevelopment of its giant offshore field - Mumbai High (North) involving a capital investment of Rs 5,706.47 crore, including foreign exchange component of Rs 4,421.76 crore ($743.15 million at exchange rate of Rs 59.50 to a US dollar)," said the statement.

The company noted that this project will carry forward the success of the earlier two editions of redevelopment projects of the fields that were found around forty years ago. The project is aimed at providing a new lease of life to the oil field.

As part of the project, Rs 2,586.42 crore will be spent in creation of surface facilities, Rs 1,992.11 crore in new oil and gas wells and Rs 1,127.94 crore in sidetracking of existing wells.

"The facilities envisaged under the project are installation of five well platforms, one clamp-on facility for wells at an existing platform, associated pipelines and modifications at 13 platforms, drilling of 52 new wells and 24 sidetrack wells," according to the statement.

It is planned that the facility parts under the project will be installed by April 2016, while drilling of wells and the overall project completion would get over by May 2017.