ONGC targets 1 mn ton reserves every day
India's largest oil producer Oil and Natural Gas Corp (ONGC) will re-orient its exploration strategy by intensifying oil and gas hunt in yet-to-produce basins.india Updated: Jun 09, 2006 13:35 IST
India's largest oil producer Oil and Natural Gas Corp (ONGC) will re-orient its exploration strategy by intensifying oil and gas hunt in yet-to-produce basins and focusing on deepwater and frontier areas so as to add one million tonnes of hydrocarbons everyday to its kitty.
In an internal message to company employees, ONGC's exploration head DK Pande stated that "we should now resolve ourselves for adding 1 million tonnes of hydrocarbons everyday to our kitty. That should be our target".
In 2005-06, ONGC made 10 new oil and gas finds and accreted in-place reserves of 137 million tonnes of oil equivalent of which over 98 million tonnes had been realized through exploratory efforts.
"Two of the new finds are onland (Turputallu in KG Basin and Mekeypore in Assam Shelf), three in shallow offshore (RV in Mumbai, B-9 in Saurashtra and GS-15-East in KG basin) and five are in the deep water areas off East coast (D, A, U, W & E in Block KG-DWN-98/2)," he said.
Pande the achievements of 2005-06, including over 6000 line-kilometers of 2D seismic and 19,000 sq km of 3D seismic data, acreage revival in Nagaland and two new exploration centres - Corporate Exploration Centre and Centre of Excellence for Well Logging, sound quite impressive, but were not enough.
"In the era of spiralling oil prices and a perpetually energy-starved country like India the role of a national oil company like ONGC in achieving energy security for the country becomes all the more crucial. Let me reatriate our strategic goal of doubling our reserves base from 6 billion tonnes to 12 billion tonnes by 2020. By these standards we have miles to go before we can rest," he wrote.