Sudhir Vasudeva, Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) informed that his firm may produce 27 million tonne of crude oil and 25.7 billion cubic m of gas in 2012-13.
Even in 2011-12, the firm achieved similar level of production. However, the firm aims to add 2.9 million-tonne oil equivalent to its output in 2013-14.
The reason for the inability of the firm to achieve any additional crude oil production in 2012-13 is the delay in commissioning of some of its marginal assets.
The state-run energy explorer produced 124.3 million tonne during the 11th Plan Period, 11 per cent below its target of 140 million tonne. It is targeting a two-fold increase in production from current levels by 2030.
In Apr-Sep 2012, the firm’s net realisation stood at $46.22 a barrel, which is considered as worrisome by the company officials. ONGC needs a net realisation of at least between $55 and $60 a barrel to sustain.
He expected gas production from its G1 marginal field in KG basin from June, which will add 2 mscmd. ONGC has other projects S1 and Vasistha under tendering stage.
The firm expects these assets to go on stream by 2015 and add another 6 mscmd of gas. Then, the big discovery we have made at 98/2, adjacent to RILÂ’s KG-D6, from which we hope to start production by 2016-17. That has potential of 25 mscmd.
Leave a Reply
You must be logged in to post a comment.