ONGC adds record oil, gas reserves

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. HT reports.

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.

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"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.