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Oil exploration major ONGC has announced in a statement to the stock exchanges that it holds an estimated 961.26 MMtoe (million metric tonnes of oil equivalent), 1,426.26 MMtoe and 1,688.29 MMtoe of 1P, 2P and 3P, respectively crude oil and natural gas reserves across the world as on April 1, 2011.
1P reserves are proven reserves, 2P reserves are proven plus probable reserves while 3P reserves are proven plus probable plus possible reserves.
Of this, 758.36 MMtoe,1,024.74 MMtoe and 1,253.28 MMtoe of 1P,2P and 3P oil and gas reserves are in India while ONGC Videsh Limited (OVL) its wholly owned subsidiary holds 202.91 MMtoe, 401.52 MMtoe, 435 MMtoe of 1P,2P and 3P oil and gas reserves elsewhere in the world.
OVL has blocks in Russia, Sudan, Syria, Brazil, Colombia Venezuela and Myanmar.
ONGC has also conducted an independent audit of most of its reserves barring its uncertified domestic reserves, its share in the domestic joint ventures and OVL’s Sudan oil fields.
The audit was conducted by three independent reserves consultants Gaffney Cline & Associates, DeGolyer & MacNaughton and Sproule International Ltd for ONGC’s estimates of 827.25 MMtoe, 1,211.54 MMtoe and 1,408.38 MMtoe of 1P, 2P and 3P oil and gas reserves.
The independent estimates said that ONGC’s reserves stood at 729.03 MMtoe, 1,225.14 MMtoe and 1,765.32 MMtoe of 1P, 2P and 3P oil and gas reserves for the audited portion.
ONGC estimates its oil and gas reserves annually as on April 1. These estimates are approved by the company’s reserves estimates committee which consists of all basin managers, asset managers, heads of all exploration institutes and other relevant invitees of the management team.
Meanwhile, the company's scrip was trading lower by 1.93 per cent at Rs 264.05 on the BSE and down by 1.84 per cent at Rs 264.15 on the NSE in the mid-session today.
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