is expected to increase further by about 6-7 million metric standard cubic meter per day (mmscmd) by the end of current financial year, petroleum minister Dharmendra Pradhan
"ONGC, during last three years has increased its gas production
by about 10%, from 59 mmscmd to 66 mmscmd. We expect to add another 6-7 MMSCMD by the end of this fiscal," Pradhan said. The rise in production
will be owing to the commencement of production
from Vashishta-S1 fields in East Coast and commissioning of booster compression facilities in Bassein field of Western Offshore.
"In the last 40 months of this government, we have come out with several policy reforms in the oil and gas sector. HELP, DSF bidding, pricing mechanism, NDR, etc are to facilitate investment in the upstream sector, where there was years of policy paralysis. Having put all these reforms in place the prime minister has a simple ask from all of us – to replace 10% of imported oil and gas with domestic production," the minister added, addressing the launching ceremony of Saubhagya, a scheme targeting 100% electrification of Indian households.
During 2014-15, ONGC
produced 22.264 million metric tonne oil (inclusive of condensate), whereas this year ONGC
is targeting to produce 22.572 MMT Oil. "From ONGC
Videsh, we have seen a 70% jump in production
in last 4 years from 8.36 to 14.38 MMTOE. Moreover, $10.6 billion has been made in last 4 years," he added.