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| ONGC chief DK Sarraf |
STATE-owned Maharatna PSU Oil and
Natural Gas Corp (ONGC) has invested over Rs 81,800 crore in bringing
new discoveries into production and check the decline in output from
ageing fields. The Maharatna explorer is all set to finalise...
the field development plan
of its Krishna Godavari basin KG-D5 fields and the target for
starting production is mid-2018, chairman D.K.Sarraf said.
The largest petroleum explorer said
“Out of the other major planned
projects, management is especially focused on the development of
Daman and KG-DWN-98/2,” Sarraf said while addressing the shareholders
at the company's 21st annual general meeting (AGM) in New Delhi.
KG-DWN-98/2 block in the eastern offshore are taking longer than
expected to come on stream, are contiguous to those owned by a
Reliance-led consortium, while the state explorer has alleged that a
shift in reservoir could have resulted in Reliance drawing gas from
its find.
Both parties have appointed a
third-party international assessor, DeGolyer and MacNaughton (D&M),
to assess ONGC’s claim.
The Daman development project in the
Tapti-Daman block on the western offshore are smaller, less difficult
fields to exploit than the larger KG-D5.
The Daman project has gas reserves of
about 35-36 billion cubic metres (bcm), of which 60-70 percent of
natural gas is recoverable.
Looking ahead, two more areas of
significant discoveries adjacent to Daman - GK-28/42 and
MB-OSN/2005/1 - could also be put under production through cluster
development in the near future, which would make the northern area of
Bassein one of the largest gas producing area in the country, ONGC
has said.
The chairman said the management was
committed towards expeditious development of the company’s oil and
gas reserves. Sarraf said, out of 15 prospective projects taken up
for development, seven projects are already complete and 8 are under
various stages of implementation.
During 2013-14 fiscal, ONGC remained
the largest producer of crude oil and natural gas in the country .
Production from its domestic fields was maintained at 45.53 million
tonne of oil equivalent (mmtoe) against 46.11 mmtoe in the previous
fiscal.
"A total of Rs 41,316 crore
capital expenditure has been planned for such interventions across 24
projects, of which 19 have been completed," he said.
He said ONGC's overseas arm ONGC Videsh
(OVL) had invested Rs 41,700 crore in 15 months between January 2013
and March 2014, more than a half of the total investment in over four
decades to 2012.
He also said ONGC Tripura Power Company
(OTPC) would commission the second unit of its 726 Megawatt gas-based
power plant next month.
The total Oil plus Oil-equivalent Gas
(O+OEG) production of ONGC Group in fiscal 2014 (including ONGC
Videsh and ONGC's share in Production Sharing Contracts) has been
59.2 mmtoe against 58.73 in fiscal 2013.
Sarraf said ONGC's major producing
fields are ageing and showing natural decline, but with Improved Oil
Recovery (IOR) and Enhanced Oil Recovery (EOR) schemes applied in
these fields till fiscal 2014, a cumulative incremental gain of 87.41
million tonne had been achieved.
In 2013-14, ONGC registered its
highest-ever revenue at Rs.842.01 billion, a growth of 1.1 percent
from Rs.832.90 billion in the previous fiscal.
The company also posted a higher profit
after tax of Rs.220.95 billion, up 5.6 percent from fiscal 2013,
after sharing the highest ever under-recovery, or losses on selling
below cost, of Rs.563.84 billion.
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