Public sector explorer ONGC has added 84.84 million tonnes to its reserves for year 2012-13, which is the highest reserve accretion by the oil major achieved in two decades. As a result of the discoveries made last year, the company now has much more oil, as well as oil-equivalent gas.
Currently, ONGC produces 44-45 million tonnes of oil plus oil-equivalent. This puts ONGC’s reserve-replenishment ratio for 2013 at 1.88, the eighth consecutive year when the ratio is above 1.
ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.
