India’s premier oil production company, Oil and Natural Gas Corporation expects “substantial ramp-up” in production of oil and gas from the year 2013-14.
This is because the contribution from 13 products, currently under development currently, will start kicking-in, according to the public sector oil major’s Chairman and Managing Director, Sudhir Vasudeva.
ONGC is investing Rs 31,000 crore in these 13 projects, which involve 37 fields.
These 37 fields will give, over their life time, 40 million tonnes of crude oil and 64 billion cubic metres per day of natural gas.
This was disclosed by Vasudeva to the participants of the 8{+t}{+h} Annual Motilal Oswal Global Investors Conference held in Mumbai recently.
Increase in gas production
In 2012-13, ONGC produced 23.71 million tonnes of oil from its own fields, and got another 3.71 million tonnes as its share of the production from the various joint ventures. Similarly, gas production was 23.32 billion cubic metres of gas from its own fields and 3.19 bcm from joint ventures.
Statistics provided by Vasudeva at the conference shows that ONGC expects gas production go to up, more than it does oil production.