ONGC has provided 3,990 million metric barrels of oil: Minister

Minister of state for petroleum and natural gas Dinsha Patel stated this in a written reply in the Rajya Sabha today that in the past 20 years Oil & Natural Gas Corporation Limited (ONGC) has provided 3,990 million metric barrels of oil and oil equivalent gas (MMboe) (O+OEG) of recoverable reserves equivalent to eight majors within and around discovered fields.

The contribution from new finds is 1.78 million metric tonne (MMT) oil per annum including condensate, which is 6.83 per cent of annual production and 2299 million standard cubic metre (MMSCM) of gas which is 10.34 per cent of the total annual gas production of ONGC.

ONGC was awarded 47 blocks with operatorship in the new exploration licensing policy (NELP) rounds I to IV. ONGC has reported 8 oil / gas discoveries in 40 drilled wells as on 1 July, 2007. The success ratio is said to be 20 per cent.

Oil / gas blocks under NELP are offered through international competitive bidding where all companies, whether government, private, foreign or national can bid on equal terms and conditions.