ONGC strikes it rich in KG Basin, output in FY17

Jan 03 2014, 01:35 IST
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After finding oil in the KG DWN 98/2 field it bought from Cairn India in 2005, ONGC has now found a large reserve of gas and hopes to begin production by FY17. After finding oil in the KG DWN 98/2 field it bought from Cairn India in 2005, ONGC has now found a large reserve of gas and hopes to begin production by FY17.
SummaryField to produce 10-12 mmscmd of gas and 2.5 mt of oil pa.

northern area and two in the southern area.

So far, ONGC has made 35 deep-water discoveries — seven oil and 28 gas — and has drilled 104 deep-water wells.

Of these, 14 were drilled in FY13 alone, and seven of these were found to be bearing hydrocarbons.

The 98/2 block is adjacent to Reliance Industries' KG-D6 block, which in DGH terminology is labelled KG DWN 98/3.

The anomaly of rising oil and gas reserves and stagnating production over the last five years continues to haunt ONGC as new discoveries come on stream slower than the company would like and producing fields face depletion. The reserve replacement ratio since 2005-06 has been greater than 1, indicating that the discovered resources more than replaces production in any particular year, and went as high as 1.84 in 2012-13. Yet the production numbers have hovered around the 51-53 million tonnes of oil equivalent band.

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