Flagship Explorer Oil and Natural Gas Corp (ONGC) announced Two Significant Oil Discoveries

State-owned Oil and Natural Gas Corp (ONGC) on 1 December 2011 announced two significant oil discoveries.

ONGC discovered oil in North Kadi area of Gujarat’s Mehsana district, which is the company’s major production centre. The discovery is a new layer, called play in industry parlance, and will add to the company’s output.   ONGC also made another strike in the Panna area, 40 km from its Mumbai offshore field. This discovery will make incremental addition to the output from a cluster that the company is developing.

ONGC is to invest Rs 25000 crore in bringing to production nearly a dozen marginal oil and gas fields by 2014.

Projects in pipeline

The 14 projects of ONGC entailed an investment of Rs 27305 crore. The Rs 506.22-crore development of D-1 field, Rs 219.77 crore SB-11 development and Rs 1,688.38 crore investment in development of Vasai East in western offshore have already been completed.  Another 11 projects entailing an investment of Rs 24890 crore are under various stages of implementation.

The biggest among the projects is B-193 Cluster development at the cost of Rs 5633.44 crore which would yield 5.57 million tonnes of oil and 5.12 billion cubic metres of gas in 15 years. The project is scheduled to be completed by June 2012. 

Another Rs 3,241.03 crore is being spent on Cluster-7 development by March 2013 to produced 9.73 million tonnes of oil and 4.52 billion cubic metres of gas over a period of 16 years.

ONGC is also investing Rs 3,195.16 crore in producing 6.13 million cubic metres of condensate and 15.14 bcm of gas from C-Series field by 2022-23. Rs 2218.01 crore is being investment in integrated development of G-1 and GS-15 fields in for producing 0.982 million tons of oil and 5.92 bcm of gas over 15 years period beginning May 2012.

ONGC is to invest Rs 2920.82 crore in producing 2.46 million tonnes of oil and 6.56 bcm of gas from B-22 Cluster, Rs 2,523 crore in WO-15 Cluster development for 2.83 million tonnes of oil and 8.58 bcm of gas and 2,163.65 crore in additional development of D-1 field.