ONGC to execute 25 E&P projects worth 83,000 crore

12 August 2019

Oil and Natural Gas Corporation (ONGC) is currently executing 25 exploration and production (E&P) projects worth Rs 83,000 crore to monetize about 180 million tonne of oil equivalent (MMToe), said ONGC’s Chairman Shashi Shanker, in their Annual Report 2018-19.

Exploration and production

The company plans to spend close to Rs 32,920 crore in the financial year 2019-20 (FY20), a 12% jump in spending as compared to Rs 29,449 crore spent in the previous financial year.

“As many as 25 projects, with an estimated outlay of around Rs 830,000 million, are currently under execution, of which 15 would directly contribute to hydrocarbon production. Envisaged cumulative oil and gas gains from these projects through their lifecycle stand at over 180 MMtoe,” said Shanker.

According to Shanker, the company completed 10 E&P projects in 2018-19 at the cost of Rs 11,258 crore and besides focussing on ramping up production through the development of greenfield projects, the company also plans to focus on ramping up production from the existing portfolio of mature fields.

The upstream giant expects 190 million tonne of incremental oil production from 29 enhanced oil recovery (EOR) projects. Moreover, one-third of the company’s standalone crude oil production in the current financial year came from EOR projects.

“There is significant scope to increase production through EOR technologies in the mature fields. ONGC has been a pioneer in the implementation of EOR technologies in India both in onshore and offshore fields. Presently, EOR projects contribute 9% of total onshore production,” Shanker said.

The company is currently implementing various EOR projects in the company’s oil and gas assets in Gujarat, Assam, and Mumbai. The company drilled 516 wells in the last financial year, consisting of 105 exploratory wells and 411 development wells.

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