Banking on its future projects, which are based on gas, state-run ONGC plans to double its gas production in the next five-six years.
Banking on its future projects, which are based on gas, state-run ONGC plans to double its gas production in the next five-six years. The announcement was made by ONGC chairman and managing director Dinesh K Sarraf on Friday. “Share of gas in India’s energy basket is set to increase from 6.5% to 15%. Government is focused on making our economy gas based,” he said. ONGC has flagged off 17 production-related projects with a capex of Rs 76,000 crore in the last three years. According to Sarraf, these projects would produce 69 mt of crude oil and 118 BCM of natural gas during their profile period. Cumulative production from these projects would peak during 2020-21 at 6.65 mt of crude and 13.38 BCM of gas, which is 45% of ONGC’s oil and gas standalone production for FY17.
ONGC’s flagship Cluster-2 of KG-DWN-98/2 in the KG Basin is expected to produce about 25 mt of oil and 50 BCM of gas with peak production of 4 mt of oil and 5.5 BCM of gas. This would be equivalent to 17% and 24% of the current standalone oil and gas production, respectively, from a single project, according to a company statement.