Indian state-owned Oil and Natural Gas Corp (ONGC) on August 15, 2017, announced it plans to double gas production to over 100 million standard cubic meters per day in the next 5-6 years.
ONGC said despite tumbling oil prices in the last 3 years, it not only sustained production from existing fields through incremental inputs but has also taken large meaningful and calculated investment decisions to ensure sustained volumes and financial growth.
Government is targeting increase in share of gas in the energy basket from 6.5 % to 15 % in the next few years.
ONGC said 17 projects have been approved in the last 3 years.
«These projects would produce 69 million tonnes of crude oil and 118 billion cubic meters of natural gas during their profile period. Cumulative production from these projects would peak during 2020-21 at 6.65 million tonnes of crude and 13.38 BCM of gas which is 45 % of company's oil and gas standalone production during FY17,» it said.
During the last 3 years, ONGC completed 15 production related projects (including 8 brownfield and 7 greenfield).
«These would produce 87 million tonnes of crude and 56 BCM of gas during their profile period,» the statement said, adding during FY17, ONGC produced 5 million tonnes of crude and 3.5 BCM of gas from these projects, which is 22 % and 16 % of its standalone crude and gas production, respectively.
Stating that it made 23 hydrocarbon finds with a total reserve accretion of 65 million tonnes of oil equivalent in 2016-17, ONGC said its onshore assets have reversed declining trend in production, persisting for several years, by registering crude production at 5.97 million tonnes in FY17 as against 5.82 million tonnes in FY16.
