Sudhir Vasudev, Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) informed that the firm plans to double the oil and gas production in India by 2030.
Vasudev reasoned that investing in gas fields will benefit the entrepreneurs in view of the demand for gas in the country.
He said this while launching the production operations from the first onshore marginal gas fields in Krishna-Godavari Basin at Ponnamanda.
ONGC has 110 marginal fields across India, a few of which were allotted to private parties. The company awarded contracts to produce gas from five marginal fields to KEI-RSOS Petroleum and Energy, a part of the KEI Group in Krishna-Godavari Basin.
KEI-RSOS waited for a period of seven years for the production of gas. The firm expects to produce about 65,000 cubic metre of gas per day from these wells under phase-I. All clearances were given to the group relating to the operations.
ONGC Rajahmundry Asset group general manager P Krishna Rao said that the per-day gas production is 35 lakh cubic metre and 900 metric tonne of oil currently, and added that hydrocarbons located in Mukkamnala, Magatapalli, Bantumilli will soon be allotted to private parties.
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