ONGC projects production to rise 15 per cent by 2012-13

NEW DELHI: For the first time in several years, state-run Oil and Natural Gas Corp (ONGC) has projected a 15 per cent increase in its oil production
to 29 million tonnes by 2012-13 and said it will invest over Rs 50,000 crore in developing new oil and gas fields. ONGC's domestic oil production had been stagnant at around 24-25 million tonnes for the past several years as output from ageing fields like Mumbai High entered the natural decline phase. "We are investing heavily in improving recovery from our oil fields and developing new ones," ONGC Chairman and Managing Director R S Sharma told reporters here. "Crude oil production is likely to increase to more than 29 million tonnes in 2012-13 from 25.4 million tonnes in 2008-09." Natural gas production is slated to rise more rapidly, first to 72 million standard cubic meters per day in 2012-13 and then to 100 mmscmd by 2015-16. ONGC's current gas output is at about 62 mmscmd. ONGC, he said, would invest over Rs 50,000 crore by 2012 in developing new oil and gas fields and increasing output from existing ones. "We have managed to arrest natural decline to a great extent by Improved Oil Recovery and Enhanced Oil Recovery campaign and redevelopment projects. More than Rs 30,000 crore has been invested in these since 2000," he said.
SUDEEP SINGH
PGDM SEC-B III SEM