According to a Merril Lynch report, Indian E&P -on the cusp of next exciting phase, production from discoveries made by RIL, Oil & Natural Gas Corporation (ONGC) and Cairn India (CIL) will start in 3-4 years and boost the output of gas by 25-30 billion cubic meter (bcm) from the 2010-11 levels. Besides, when RILs K-G D6 gas output ramps up, the countrys gas output is expected to jump by 98% and when CILs oil output ramps up in 2011-12 and 2012-13, the countrys oil output will rise by 29-33%.
RIL is expected to produce 36-46 million metric standard cubic meter per day (mmscmd) from the 9 satellite fields in the K-G D6 block and 6 discoveries in the NEC-25 block. ONGC is expected to produce 25 mmscmd of gas and 20,000 barrel per day of oil from its discoveries in the KG-DWN-98/2 block and the adjoining nomination blocks in 2012-13. Also, Gujarat State Petroleum Corporation Limited (GSPC) is expected to start the production of gas from its discoveries in the shallow water K-G basin block KG-OSN-2001/3 in 3-4 years. The peak output rate is estimated at 6-9 mmscmd.
The report also states that 106 discoveries have been made in 31 Nelp (new exploration licening policy) and pre-Nelp blocks since 1999-2000, including two-world class discoveries in K-G D6 and RJ-ON-90/1 by RIL and CIL, respectively. There is a significant scope for reserve accretion in each of these blocks.