ONGC's Assam Asset registers increase in crude oil production

ONGC's Assam Asset has registered an increase in crude oil production to 1.223 Million Metric Tonnes (MMT) during the financial year 2012-13 as against 1.202 MMT in the previous fiscal.

Despite facing various constraints like ageing oil fields, depleting reservoir pressure, heavy monsoons etc, ONGC's Assam Asset, the company's oldest Asset, has been able to meet its targets for the third consecutive year, Asset Manager B K Baruah said at Nazira today.

In the gas segment too, the Asset registered a production of 472.2 MMSCM, thereby surpassing its target of 452.6 MMSCM. How it has fallen short of its gas sales target of 244 MMSCM by two per cent due to lack of consumers in the region, he said.

"On the production front, our performance has been quite satisfying although we faced unprecedented monsoon and flood situation during the year," Baruah added.

Drilling Services of the Asset has achieved 100 per cent target of operating 34 wells and this success can be attributed to continuous monitoring and pro-active measures taken during the year.

Following the continued success, the Asset would go ahead with the Perspective Plan-2030 which aims a two-fold growth in production, three-fold growth in revenue and profit, four-fold growth in market capitalisation and six-fold growth in international production by 2030.

In order to achieve the targets, Assam Asset has taken various steps like proper planning and timely resource mobilisation, reprioritisation of development drilling, adopting prudent reservoir management practices and judicious review of-field-production performances.