The Cauvery asset of ONGC has already met its sales target as per the MoU between the company and Ministry of Petroleum and Natural Gas.
Mumbai, Feb. 12
ONGC is poised to see gas sales from its Cauvery assets cross 850 million standard cubic metres in 2005-06. This will mean an increase of over 35 per cent from 627 million standard cubic metres that was sold from its Cauvery field in 2004-05.
A senior ONGC official based in Karaikal said the Cauvery asset of ONGC has already met its sales target as per the MoU between the company and Ministry of Petroleum and Natural Gas.
"Each asset of ONGC has an annual sales target and in the case of Cauvery, it was 721 million standard cubic metres for 2005-06. This target was achieved with 52 days to spare - on February 7. At this rate, Cauvery asset sales of ONGC will cross 850 million standard cubic metres this fiscal." said.
The difference between gas produced and sold at Cauvery this year was only about three per cent - majority of the unsold gas going for internal consumption and some portion being flared for want of customers. Cauvery is moving towards the `zero gas faring regime` that ONGC Chairman was targeting in the coming fiscal, he said.
Total gas sold by ONGC in 2004-05 stood at 18.5 billion standard cubic metres - almost on par with that in the trailing year. With gas production from the ageing Vasai Basin on the decline, it is clear that ONGC would be banking on increased production from new fields such as Krishna-Godavari and Cauvery to keep its sales up in the coming years.