Home Business ONGC To Invest $2 Billion To Drill Wells In Arabian Sea To Raise Oil, Gas Production

ONGC To Invest $2 Billion To Drill Wells In Arabian Sea To Raise Oil, Gas Production

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Oil and Pure Gasoline Company (ONGC) will make investments over $2 billion in drilling a report 103 wells on its essential gas-bearing asset within the Arabia Sea, an organization official stated in line with the information company PTI. India’s prime oil and fuel producer ONGC plans so as to add 100 million tonnes to its manufacturing, it added. 

ONGC has three essential property off the west coast – Mumbai Excessive, Heera and Neelam, and Bassein and Satellite tv for pc. These contributed to the agency’s 21.7 million tonnes of oil and 21.68 billion cubic metres of fuel manufacturing in 2021-22.

“We now have launched a report 103 places for drilling of wells on the Bassein and Satellite tv for pc (B&S) property over the subsequent 2-3 years,” ONGC Director (Offshore) Pankaj Kumar stated.

The wells will help enhance output by tapping smaller, beforehand untapped reserves.

“We estimate that this improvement drilling will improve manufacturing by over 100 million tonnes of oil and oil equal fuel over the lifetime of the sector…The funding concerned in drilling and amenities might be over $2 billion,” Pankaj Kumar stated. 

Two-thirds of the oil and fuel produced within the nation is by ONGC, thus any additional manufacturing would assist India scale back its reliance on imports to fulfil its vitality calls for. Round 85 per cent of the crude oil wanted to make gasoline and diesel in refineries is imported into India, in addition to over 50 per cent of the pure fuel used to generate electrical energy, make fertiliser, create CNG for automotive gasoline, and provide cooking fuel to houses, the report stated. 

To cut back the $115 billion import invoice, the federal government has been pressuring state-owned companies to step up efforts to extend home output, the report added. 

As a result of its fields are previous and ageing, ONGC has recorded a gradual discount in output for greater than ten years. However, the corporate has now pulled itself collectively and is engaged on a holistic asset base plan moderately than a field-centric strategy.

Kumar stated that Bassein and Satellite tv for pc asset has a number of fields together with the prime Bassein fuel subject, D1 and Tapti-Daman. These at the moment produce 55,000-56,000 barrels per day (2.8 million tonnes) of oil and 28 million normal cubic metres per day of fuel.

“We now have completed a reservoir profiling for your complete asset to plan the drilling marketing campaign,” he stated. 

The fourth section of the redevelopment of Mumbai Excessive is nearly full and the subsequent section is on the implementation stage whereas the sixth is at conceptualisation, ONGC official added. 

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