ONGC's oil and gas reserves rose 284 million tonnes in 2008-09
06 May 2009
Oil and Natural Gas Corp (ONGC) added a record 284.81 million tonnes of oil equivalent (MToe) of oil and gas reserves in 2008-09, the highest addition by the company in the past 18 years.
Of this an estimated 68.90 million tonnes are recoverable, the company said in a press release.
''With annual production of 47.852 MToe, the Reserve-Replacement Ratio (RRR) works out to 1.44. This is the fifth year in running when RRR had exceeded 1,'' it said.
This accretion comes from the ONGC-operated areas in the country, including NELP blocks and also 12 new prospects and 13 new pool discoveries from the five onland and three offshore sedimentary basins, ONGC said.
Besides, 12.19 million tonnes of reserves have been added in fields ONGC operates in India with private sector firms, of which 2.82 million tonnes are considered to be recoverable as ONGC's share.
ONGC Videsh Ltd (OVL) added 114.24 million tonnes of recoverable reserves during the period.
The reserves status is evaluated annually in detail by a duly constituted Reserve Estimates Committee (REC) after thorough field-wise analysis.
The REC also brings out the reserve status in respect of JV operations in India and JV operations abroad through OVL.
In the latest annual ranking of the world's biggest 2,000 companies brought out by the US magazine Forbes last month, ONGC has been listed at 152nd, up a handsome 46 notches from last year's rank of 198th.
ONGC stocks ended at Rs888 on the Bombay Stock Exchange today.