News By/Courtesy: Sharad Agnihotri | 16 Apr 2019 1:03am IST

HIGHLIGHTS

  • State-owned Oil and Natural Gas Corp (ONGC) has arrested a declining crude oil production trend in its onshore fields and registered a 1.25 per cent rise in output in the fiscal year ended March 2019.
  • ONGC raising output is critical to meeting Prime Minister Narendra Modi's target of cutting oil imports by 10 per cent by 2022.
  • The company has also engaged reputed international oil and gas consulting firm Gaffney Cline & Associates for high level review of two major fields of largest onshore producing asset.

State-owned Oil and Natural Gas Corp (ONGC) has arrested a declining crude oil production trend in its onshore fields and registered a 1.25 per cent rise in output in the fiscal year ended March 2019, top company officials said. ONGCNSE -0.73 % produced 6.141 million tonnes of crude oil from its onshore fields despite majority of them being more than 50 years old and facing a natural decline.  The company has been able to make a production turnaround through a slew of initiatives. India's largest oil and gas producer has in recent times faced immense pressure from the government, which has blamed it for the continuing decline in the country's output.  ONGC raising output is critical to meeting Prime Minister Narendra Modi's target of cutting oil imports by 10 per cent by 2022.  ONGC has already reversed years of decline in natural gas output, posting a record 6.5 per cent jump in production to 25.9 billion cubic metres in 2018-19.

However oil production from offshore fields continues to be on a decline and will only reverse next year when Krishna Godavari basin field KG-DWN-98/2 comes onstream.  Officials said ONGC has monetised five out of the total 13 discoveries during 2018-19 on a fast-track mode which helped contribute to the growth in production from onshore fields. In order to sustain production and achieve higher onshore growth, ONGC drilled 303 wells during the last fiscal, which is the highest since 2014-15.

The company has also engaged reputed international oil and gas consulting firm Gaffney Cline & Associates for high level review of two major fields of largest onshore producing asset, Mehsana in Gujarat and a few other onshore fields for enhancement of production.  "The onshore fields, which are mostly five-decade old, are faced with increased level of water-cut (the water which comes with oil during production)," he said, adding "while disposing of produced water is a critical issue, the stringent environmental laws and complex land acquisition process make the challenges in onshore quite difficult to surmount."

Shanker said a well-wise focused approach and deploying state-of-the-technology for enhanced oil recovery (EOR) have started paying a rich dividend not only in decline of production trend but also to grow. ONGC Director (Onshore) S K Moitra said the company continues to take up various initiatives on the EOR front and as many as six EOR projects have been either implemented or are on the verge of implementation.

Section Editor: Shreyashi Tiwari | 16 Apr 2019 1:08am IST


Tags : #ONGC #Output #Onshore #Wells #PM #2020

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