Oil India Reports Record Gas Output, Sales

Oil India achieved the highest ever production and sale of natural gas in the history of the company in the fiscal year that ended March 31, 2017.

While natural gas production was 2.9bn m³ as against 2.8bn m³ during fiscal that ended March 31, 2016, natural gas sales were 2.4bn m³ compared with 2.3bn m³ during the previous fiscal, the company said during its annual general meeting held September 23.

Oil India’s chairman Utpal Bora said all-time highest natural gas production was due to actions initiated to effectively monetise the natural gas reserves. He said that the present gas production potential is about 7.85mn m³/d from the fields in the northeastern states of Assam and Arunachal Pradesh and about 0.95mn m³/d from the western Indian state of Rajasthan. Bora also informed that the company is looking to increase the gas production potential to a level of 10mn m³/d from the north eastern states.

In Mozambique, Oil India together with ONGC Videsh, has 10% participating interest in the Area 1 Rovuma field. The project has recoverable resources ranging between 50 trillion and 75 trillion ft³. Bora mentioned that the first production and revenue from the field is expected to be generated in fiscal year 2022-23.

Shardul Sharma