It is aimed at bridging the gap between production and import
ELURU: The Oil and Natural Gas Corporation (ONGC) has drafted a plan named ‘Oil Vision’ in its bid to achieve self-reliance in oil production by 2020, according to its Group General Manager M. Rajagopala Rao based at Dehradun.
Delivering the keynote address at a seminar on “Oil and gas production in Krishna-Godavari basin and Pranahitha-Godavari basins” held here under the aegis of the Department of Geology, Sir. C.R. Reddy College, Mr. Rao said the vision was aimed at bridging the gap between the production and import of oil. He said the country was presently producing 30 per cent of oil while depending on imports to the large extent of 70 per cent. In a bid to reverse the scene, the ONGC was aimed for an aggressive exploration of oil, improvement of recovery factor up to 40 per cent from 20 per cent and production of 20 million tonnes of oil from its own fields and by way of acquisition of fields in different countries across the world, he added.He informed that the ONGC had oil properties in 18 countries at present and was actively involved in the exploration activities in 30 countries in collaboration with the governments of the respective countries. Mr. Rao said the ONGC had witnessed a slowdown in oil production of late for want of expertise in the exploration activities. The ONGC had been suffering an acute shortage of manpower as a result of the IT boom of late with the youth with Geology background finding their way into the call centres and the other cozy jobs in the IT field, leaving the ONGC high and dry, he regretted. Besides, the US was poaching on the experts in the ONGC by offering hefty amounts of pay. On the safety aspect, he said the incidence of blowouts in the oil fields of the ONGC was quite ‘negligible’. Out of 3,000 wells of the ONGC, blowouts were reported in only seven wells, he explained.