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| ONGC projects production to rise 15% by 2012-13 |
| Press Trust of India / New Delhi Sep 23, 2009, 19:13 IST |
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For the first time in several years, state-run Oil and Natural Gas Corp (ONGC) has projected a 15 per cent increase in its oil production to 29 million tonnes by 2012-13 and said it will invest over Rs 50,000 crore in developing new oil and gas fields.
ONGC's domestic oil production had been stagnant at around 24-25 million tonnes for the past several years as output from ageing fields like Mumbai High entered the natural decline phase.
"We are investing heavily in improving recovery from our oil fields and developing new ones," ONGC Chairman and Managing Director R S Sharma told reporters here. "Crude oil production is likely to increase to more than 29 million tonnes in 2012-13 from 25.4 million tonnes in 2008-09."
Natural gas production is slated to rise more rapidly, first to 72 million standard cubic meters per day in 2012-13 and then to 100 mmscmd by 2015-16. ONGC's current gas output is at about 62 mmscmd.
ONGC, he said, would invest over Rs 50,000 crore by 2012 in developing new oil and gas fields and increasing output from existing ones.
"We have managed to arrest natural decline to a great extent by Improved Oil Recovery and Enhanced Oil Recovery campaign and redevelopment projects. More than Rs 30,000 crore has been invested in these since 2000," he said.
Sharma said ONGC has since 2003 made 117 new oil and gas discoveries, majority of which were in blocks given to the company on nomination basis.
The first major set of discoveries that would be put into production would be an integrated cluster development of oil and gas finds off the east coast, he said. Oil production from these fields would start by mid-2010 while gas would start flowing by 2012.
ONGC had invested over Rs 14,000 crore in 14 Improved Oil Recovery (IOR)/Enhanced Oil Recovery (EOR) schemes (during 2000 to 2009) to raise recovery factor to 33 per cent from 28 per cent earlier, he said, adding another Rs 16,000 crore was being invested in improving output from seven fields.
ONGC is investing more than Rs 15,000 crore in the second phase of redevelopment of its prime Mumbai High fields in the western offshore. It is investing Rs 8,061.42 crore in Mumbai High South by April 2011 for an incremental 20.7 million tonnes of oil and 3.32 billion cubic meters of gas by 2029-30.
Besides, ONGC is investing Rs 6,855.93 crore in Mumbai High North by September 2012 for an additional 17.35 million tonnes of oil and 2.98 bcm of gas by 2029-30.
It is investing Rs 1,262.93 crore by 2011 in G-1 and GS-15 fields, its first major east coast development, to boost gas output by 2.62 million cubic meters per day.
Besides, Rs 3,195.16 crore in development of C-Series fields off the Mumbai coast would give 15.14 bcm of gas in 15 years.
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