OVL aims to raise output

In an interview to a leading media, a top official of
ONGC Videsh (OVL) informed that the firm aims to produce 20 million tonne of oil and gas by 2017-18 and 60 million tonne by 2030.

If the company achieves this target, its contribution would be 46 percent of ONGC group production by 2030, against existing 15 percent, the official is quoted as saying. The company produced little less than 9 million tonne of oil and gas in 2011-12.

In 2011-12, the company suffered decline in production mainly because of problems in Sudan and Syria. This year the problems are still continuing leading to further decline in production, he said.

He also informed that some fields are on a declining phase. Consequently, the firm could produce 3.488 million tonne in the first six months which is lower by over 23 percent. However, going forward, production would start looking up from the existing assets from 2013-14 as production would start from the blocks A-1 & A-3 in Myanmar, Carabobo Project in Venezuela and the second phase of Block BC-10 in Brazil, he is quoted as saying.

He expressed hope of a recovery from next year as new fields are expected to start production. The company expects its recently-acquired 2.72 percent stake in ACG fields in Azerbaijan to add to its production. Meanwhile, the company is looking for assets in the US and Canada.