State run, ONGC is interested in entering into unconventional gas sources like shale gas and has decided to bid for blocks once the government put in place a national policy. The oil major was facing infrastructural issues towards development of shale gas. Dual ownership right of a block created issues in extraction of different energy sources, which will be addressed in the draft policy on shale gas.
ONGC has registered a fall of about 5.8% in its crude oil production for the year ended March 31 at 20.485 million tonne as compared to 21.76 million tonne achieved in the previous year on account of lower output from its crown-jewel Mumbai High fields. It also fell short of the company’s target of 21.64 million tonne.
