Managers of Indian oil company ONGC have approved the reconstruction of Platform NQO at the offshore Mumbai North field, it was understood Monday.

The near total modification of the 20-year-old platform could cost $500 million.

Mumbai High North field is expected to produce oil and gas to 2030 after under an ongoing redevelopment.

Safety and capacity upgrades are foremost on the list of changes, after a fire and explosions destroyed the first High North platform almost exactly two years ago.