ONGC notified four more hydrocarbon discoveries in the fourth quarter of 2014-15, taking the total number of discoveries in 2014-15 to 22.
For the first time, state-run explorer ONGC has commenced production from blocks bagged under the New Exploration Licensing Policy (Nelp) auction. The three blocks in Western India are producing about 15-20 cubic metres of crude oil per day.
The blocks include CB-ONN-2004/1 and CB-ONN-2004/2 bagged in the 6th round of Nelp and CB-ONN-2002/1 in the fourth round. “Onshore block CB-ONN-2004/1 (Karannagar) located in Ahmedabad was put on commercial production on March 24 within 24 hours of getting the mining lease, while West Patan 3 well in the Nelp block CB-ONN-2002/1 (West Patan) was put on commercial production on March 31 on the same day of getting the mining lease from Gujarat,” ONGC said in a statement.
After facing a drop in crude oil production for past seven years, ONGC has surpassed last year’s output of 22.247 million tonnes to produce 22.262 million tonnes of oil in FY15. Even though the increase is marginal, it indicates ONGC’s efforts to turnaround its production profile despite constraints of ageing fields and depleting resources from them.
The growth in production has come from ONGC’s Western Offshore fields. The crude oil production from Western Offshore was 14.74 MMT in FY15, which is 7.5 % higher than the previous year’s production of 13.71 MMT.
ONGC notified four more hydrocarbon discoveries in the fourth quarter of 2014-15, taking the total number of discoveries in 2014-15 to 22. In addition, ONGC said that it has begun FY16 with two more significant discoveries.