Representational photograph
| Photo Credit: REUTERS
India’s prime oil and gas producer ONGC will invest greater than $2 billion in drilling a document 103 wells on its essential gas-bearing asset in the Arabia Sea because it pivots a turnaround plan that can add 100 million tonnes to manufacturing, an organization official stated.
Oil and Natural Gas Corporation (ONGC) has three essential property off the west coast – Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the majority of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22. “We have released a record 103 locations for drilling of wells on the Bassein and Satellite (B&S) assets over the next 2-3 years,” ONGC Director (Offshore) Pankaj Kumar stated. The wells will faucet smaller and hereto untapped reservoirs and assist raise output.
“We estimate that this development drilling will enhance production by over 100 million tonnes of oil and oil equivalent gas over the life of the field,’ he said.
“The investment involved in drilling and facilities will be over $2 billion.”
ONGC produces two-third of all oil and gas produced in the nation and any incremental manufacturing would assist the nation lower its dependence on imports for assembly power wants.
India imports over 85% of the crude oil, which is transformed into gasoline resembling petrol and diesel in refineries, and roughly half of the pure gas that’s used to produce electrical energy, make fertiliser, transformed into CNG for operating vehicles and piped to family kitchens for cooking.
The authorities has been urgent state-owned companies to step up efforts to raise home output to assist lower the $115 billion import invoice.
ONGC, which reported a gradual decline in output for over a decade primarily as a result of its fields are outdated and ageing, has now received its act collectively by engaged on a complete asset base plan fairly than piecemeal subject centric strategy.
Mr. Kumar stated B&S asset had a number of fields together with the prime Bassein gas subject, D1 and Tapti-Daman. These at present produce 55,000-56,000 barrels per day (2.8 million tonnes) of oil and 28 million commonplace cubic metres per day of gas.
“We have done a reservoir profiling for the entire asset to plan the drilling campaign,” he stated, including new wells would carry extra manufacturing that may offset the pure decline in older wells and add to the general output.
The Daman subject alone is projected to contribute 6-7 mmscmd of extra gas whereas the Tapti subject may even see oil output virtually doubling to 30,000 bpd.
ONGC will undertake an identical strategy for the rejuvenation of the opposite two property in the western offshore.
Fourth part of redevelopment of Mumbai High, India’s most prolific oil and gas subject, is sort of full and the following part is at implementation stage whereas the sixth is at conceptualisation, he stated.
ONGC is probably going to see a reversal of manufacturing decline from the present fiscal. In the present fiscal yr (2022-23), crude oil manufacturing is slated to rise to 22.823 million tonnes and gas to 22.099 bcm. In the next fiscal yr, oil manufacturing will climb to 24.636 million tonnes and 25.689 million tonnes in 2024-25.
Natural gas manufacturing is slated to rise to 25.685 bcm in 2023-24 and 27.529 bcm in the next yr.
