ONGC sees oil production rising 11%, gas jumping 25% by FY25
The Hindu
Over the years, production has steadily declined; but the firm is now stepping up exploration to fin
ONGC said its crude oil production would rise 11% and natural gas output would jump 25% after newer discoveries in the western and eastern offshore start producing.
In an investor presentation post FY22 earnings, Oil and Natural Gas Corporation (ONGC) said crude oil production would rise from 19.545 million tonnes in the financial year ended March 31 to 19.88 million tonnes this year and 21.588 million tonnes in the next year.
The output would climb to 21.701 million tonnes in FY25.
Similarly, gas production would rise from 20.907 billion cubic meters in FY22 to 21.097 bcm in the current fiscal and 24.387 bcm in the next. In FY25, the output would reach 26.124 bcm.
The increase in output would be aided by projects to tap gas found on both the east and the west coast.
ONGC is betting on discoveries in KG-DWN-98/2 in the Bay of Bengal to do most of the heavy lifting, while the Cluster-8 marginal fields in the western offshore will supplement production.
ONGC said it was also implementing the fourth phase of the redevelopment of the Mumbai High oil and gas fields, which will increase the recovery factor from the five-decade-old mature fields.