State-owned Oil and Natural Gas Corp (ONGC) on Tuesday said it planned to double gas production to more than 100 million standard cubic meters per day in the next 5-6 years.
In a statement issued on Independence Day celebrations at the company’s headquarters in Dehradun, the company said despite tumbling oil prices in the last three years, it not only sustained production from existing fields through incremental inputs but has also taken large, meaningful and calculated investment decisions to ensure sustained volumes and financial growth.
The government is targeting an increase in the share of gas in the energy basket from 6.5% to 15% in the next few years.
ONGC said 17 projects with a combined capex of ₹76,000 crore had been approved in the last three years. “These projects would produce 69 million tonnes of crude oil and 118 billion cubic meters of natural gas during their profile period. Cumulative production from these projects would peak during 2020-21 at 6.65 million tonnes of crude and 13.38 BCM of gas which is 45% of company’s oil and gas standalone production during FY17,” it said.
Its flagship project includes Cluster-II in Bay of Bengal block KG-D5.
The project would produce about 25 million tonnes of oil and 50 BCM of gas over the life of the project with peak production of 4 million tonnes of oil and 5.5 BCM of gas.
