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ONGC adds record oil, gas reserves

business Updated: Apr 27, 2010 22:56 IST
HT Correspondent

Oil and Natural Gas Corporation (ONGC) has added 83 million tonnes (mt) of oil and gas reserves in 2009-10, the highest in two decades, the company said in a statement.

"The ultimate reserve accretion of ONGC, including its joint ventures in domestic fields in 2009-10, has been 87 mt of oil and oil equivalent gas against the targetted 76 mt," ONGC said.

On a standalone basis, the company added 83 mt of oil and oil equivalent gas reserves, "the highest ultimate reserve accretion in the last 20 years."

The reserve had gone up due to Kasomarigaon discovery in Assam, South Mahadevpatnam and Pennugonda in Krishna-Godavari onland, GK-28-1 in Kutch offshore and PER-1 in Mumbai offshore.

ONGC made three discoveries — oil and gas in Karjan block in Gujarat, oil in Kutch offshore block and oil in an Ahmedabad block — this month.

"Against the global rate of low production from mature fields, the performance of ONGC is very much satisfactory," said R S Sharma, chairman and managing director, ONGC.

The company produced 24.858 million tonnes of crude oil in the 2009-10 fiscal, lower than the target of 25.764 million tonnes. Gas production at 23.1 billion cubic metres was higher than 22.24 bcm target. ONGC had produced 25.366 million tonnes of oil and 22.486 bcm of gas in the 2008-09 fiscal.