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ONGC puts on hold development of six discoveries

27 Jul 2009 Evaluate

Oil and Natural Gas Corporation (ONGC), the country’s largest oil exploration and production company, has kept on hold development of six prospective discoveries made in recent years due to lack of infrastructure in such areas.

 

Discoveries like Karjan, Linch and Mekrang lie in isolated areas where no infrastructure is available. The company is not preparing a detailed development plan for six such discoveries. Moreover, the company has not found any customers for these discoveries.

 

These six discoveries are a part of 66 (26 onshore and 40 offshore) finds in various stages of exploration. Of the remaining 60, seven are under development, nine under delineation and 10 under appraisal. Another 29 are under study. There are five discoveries where the production has been linked with the requirement of customers.

 

Oil from the East Coast’s G-4-6 field, in the Krishna-Godavari block, is likely from 2011. The oil volume from the area, when nearby finds are developed through a common production facility, would provide an initial 20,000 barrels per day and would reach a peak of 150,000 barrels per day by 2016. ONGC’s total crude oil production during 2008-09 was 6.12 million tonnes. It produced 5.75 billion cubic metres of natural gas.crackcrack

ONGC Share Price

283.95 1.20 (0.42%)
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Company Name CMP
ONGC 283.95
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Jindal Drilling&Inds 540.15
Deep Industries 476.90
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