Oil and Natural Gas Corp (ONGC), which expects to produce 27 million tonne of crude oil from its own fields and its share in joint ventures in 2012-13, plans to raise it to 29.1 million tonne in 2013-14.
Of the 29.1 million tonne it expects to produce in 2013-14, 25.78 million tonne would come from its own fields and the balance from its share of output in joint ventures, the firm said.
In 2012-13, the firm expects to produce 27 million tonne and this includes 23.64 million tonne from its own fields. The expected output for 2012-13 is close to its earlier target of 27.5 million tonne.
Therefore, in 2013-14, the firm aims to produce over 2 million tonne more oil than its likely production in 2012-13 on standalone basis.
The company’s total hydrocarbon output, including natural gas from its standalone and joint-venture fields in 2013-14 is targeted to be 55.545 million tonne of oil equivalent (mtoe) against likely production of 52.74 mtoe in 2012-13, which is 2.81 mtoe more or 5.3 per cent higher.
Against steep declining rate of about 7-8 per cent from global matured fields of similar vintage, ONGC has been putting its all-out effort to maintain production from its matured fields.
In addition to that, the state-run explorer has also been trying its level best to bring in the new discoveries on stream at the earliest, always endeavouring to increase its production, a spokesman of the firm said.
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