State-run exploration firm Oil and Natural Gas Corporation (ONGC) produces crude oil and natural gas from 110 fields. Of them, 15 contribute 73 per cent of the production. These fields are old. Bombay High is 37 years old, Ankleshwar and Rudrasagar are 52 years old, Sudhir Vasudeva, Chairman and Managing Director of the firm is quoted as saying in a media report.
The production of oil and gas is falling at a very rapid pace and the firm is reportedly taking steps to maintain output level. The company launched 21 improved oil recovery and enhanced oil recovery schemes. These cost something like Rs 40,000 crore. Of that, Rs 30,000 crore has been spent and the balance is committed, he reportedly said.
The company’s Gujarat unit is in the process of engaging a contractor for provision of new gas detection system in oil storage tank area at Ankleshwar.
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