Oil and Natural Gas Corporation is going to open up three more sedimentary basins for commercial oil and gas exploration in the country. The newest basins are the Vindhyan basin in Madhya Pradesh and the Ashok Nagar of 24 Parganas district in West Bengal.
Speaking at the GEO India 2018 conference, Ajay Kumar Dwivedi, Director (Exploration), said, “The seventh basin was opened way back in 1985. We are looking at adding three more basins in next five years.”
But ,Dwivedi said that these basins can be monetised only if there a relaxation in the present fiscal regime and a higher gas price is allowed. “The present gas price is a challenge for exploration,” he said.
ONGC had till now opened six out of India’s seven producing basins for commercial production. An ONGC statement earlier this year said the company has started the process of adding the Kutch offshore basin. This will be the eighth basin to be added.
India has 26 sedimentary basins, of which only seven have commercial production. ONGC has opened up Cambay, Mumbai Offshore, Rajasthan, Krishna Godavari, Cauvery, and Assam-Arakan Fold Belt Basins. The Assam shelf was opened before Independence.
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