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Oil and Natural Gas Corporation Ltd (ONGC) has drilled 503 wells in 2017-18. This is the highest number of wells drilled in last 27 years, according to the company.
Among the 503 wells, 119 exploratory and 384 development wells were drilled. In order to assess the prospectivity of existing acreages in a time-bound manner and add to the company’s reserve base, more focus was laid on exploratory drilling.
During 2017-18, ONGC’s planned capex outlay on drilling activities was ₹16,038 crore with a target to drill 496 wells including 110 exploratory and 386 development wells.
The company has drilled 503 wells at a cost of approximately ₹14,200 crore which is 11.5 per cent lower than the budget outlay, the statement added.
The initiatives taken by the company to cost and enhance operational efficiencies has yielded additional savings in the fiscal year ended March 31, 2018.
This is the second consecutive year that ONGC has drilled over 500 wells. Last year, the company drilled 501 wells at a cost of ₹15,440 crore.
Shashi Shanker, Chairman and Managing Director, ONGC, said: “We have taken measures to improve our operational efficiency by better well designs, inducting new technologies, improving cycle-speed, standardisation of well testing procedures and minimising idling period of rigs”.
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