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Our Bureau

New Delhi, July 9

Oil and Natural Gas Corp (ONGC) expects to start producing gas from its block in the Krishna-Godavari (KG) Basin in 2012. Mr R.S. Sharma, Chairman and Managing Director, ONGC, said, “We will finalise development plan for the gas finds in the KG block (KG-DWN-98/2) by end of 2008. Gas production is expected in 2012.”

ONGC has made six gas discoveries in the block till date, the largest being the one discovered in December 2006 holding in-place probable reserve of 2.08 trillion cubic feet.

Outlining the priorities for the company, Mr Sharma said the aim is to consolidate the company’s exploration and production operations by maximising productions from ageing fields, bring marginal and smaller fields into production and find new hydrocarbon reserves.

Mr Sharma said indicated that Mahanadi Basin and Krishna Godavari Basin look highly prospective. International E&P consultant D&M have been hired by ONGC to undertake third party audit for the exploration wells drilled during the next five years.

While recovery rate is being targeted to be raised from 28 per cent to 40 per cent, ONGC would look for new reserves of oil and gas in frontier areas, he added.

Next on the agenda of ONGC was integration of business down the hydrocarbon value chain for which ONGC produces feedstock.

The third priority area for the company was diversification projects such as refinery, Mr Sharma said.

Besides, finding new reserves of oil and gas, he promised tackling issues of moral and motivation of employees and opening promotional avenues to arrest the brain drain.

More Stories on : Outlook | Petroleum | Oil & Natural Gas Corporation Ltd

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