ONGC to tap smaller, marginal fields to ramp up crude production
23 January 2010
State-run explorer Oil and Natural Gas Corporation (ONGC) has pegged its current year's production lower at 25.75 million tonnes and is looking at ways to increase production by bringing smaller and marginal fields into production.
ONGC's oil production has been declining at a faster than expected rate, said its chairman and managing director R S Sharma, adding that the company plans to bring smaller and marginal fields into production. "We anticipate the output will rise to 27-28 million tonnes by 2012-13," he added.
ONGC saw its overall production fall 3 per cent in the December quarter to 6.7 million tonnes, while natural gas output was almost flat at 6.45 billion cubic metres.
ONGC, Sharma said, plans to invest Rs2,163.65 crore for integrated development of D1 marginal field in Mumbai offshore. Peak oil production at the D1 field is expected to rise to about 36,000 barrels of oil a day by 2012-13 when the project is completed.
India's domestic production of crude oil in December 2009 stood at 2.905, which was down 12.2 per cent from the projected 3.307 million tonnes.
Actual production in the April-December 2009 period was 25.152 million tonnes, down 8.0 per cent from the targeted 27.344 million tonnes and down 1.1 per cent from the production level in the previous year period.
Refinery throughput, however, rose 4.0 per cent in December to 13.579 million tonnes while refinery production in April-December 2009 stood at 119.283 million tonnes, up 3.7 per cent from the planned target of 114.996 million tonnes and down 1 per cent from the level in the previous year period.