(Live Mint)
After more than a decade of nearly static output, state-run Oil and Natural Gas Corp. (ONGC) expects to increase gas production by nearly 30% over the next three-four years with an investment of around $11 billion, according to two senior company officials with knowledge of the matter.
The officials said ONGC will put its blocks in the Krishna Godavari basin (KG-DWN-98/2) and Ratna and R-Series oilfields in Mumbai offshore into production by 2019. The coal bed methane (CBM) blocks in Jharkhand will begin production by 2020, while the Daman offshore fields, which have been pressed into production this month, will be ramped up next year.
“Our production has been stagnant but some discoveries are in the pipeline. In the next three-four years gas production for ONGC should be up by 30%,” the first ONGC official cited above said on condition of anonymity.
