ONGC Plans to Double Production Over 18 Years

Oil and Natural Gas Corporation (ONGC) has plans of massive investments over the next 18 years to double production during the time period.

In 2011-12, ONGC produced 23.71 million tonnes of oil and 23.32 billion cubic metres (bcm) of gas. Its overseas arm, ONGC Videsh Ltd. (OVL), produced 6.21 million tonnes of oil and 2.54 bcm of gas during the same period.

OVL would be looking to explore investment opportunities in around 4-5 international hubs where the entity could achieve adequate growth and source 60 million tonnes of oil and oil equivalent gas per year by 2030, Hindu Business Line said citing Chairman and Managing Director Sudhir Vasudeva. “ONGC also looks to unlock 450 million tonnes of oil and oil equivalent gas from yet-to-be found domestic resources,” he added.

Asserting that considerable potential existed in Indian basins, Vasudeva said ONGC’s existing portfolio contained yet-to-be-developed discoveries that could add more than 300 million tonnes of oil and oil equivalent gas to production by 2030, the newspaper reported.