NEW DELHI: Oil and Natural Gas Corporation (ONGC) on Tuesday said its crude oil production will increase from 19.54 million tonnes during the financial year 2021-22 to 19.88 million tonnes this financial year and 21.58 million tonnes in FY24.
In an investor presentation after the FY22 result, the oil retailer claimed the production will rise to 21,701 million tonnes in 2024-25 (FY25).
Similarly, ONGC, the largest producer of crude oil and natural gas in the country, said its gas output will rise from 20,907 billion cubic metersb (bcm) in 2021-22 to 21,097 billion cubic meters in current fiscal year and 24,387 billion cubic meters in the next. In FY26, the output power will reach 26,124 bcm. It is investing in discoveries in KG-DWN-98/2 in the Bay of Bengal to make the most of heavy lifting, while the Cluster-8 marginal fields in the western offshore will complement its production.
It is also carrying out the fourth phase of the reconstruction of the Mumbai High oil and gas fields, which will increase the recovery factor from the five-decade-old mature fields. Currently, India imports nearly 85% of its oil needs and its production from domestic fields declined this year.
ONGC said it has intensified its exploration to find more reserves and aims to add nearly 1 000, 000 square kilometers of new exploration area annually until 2024-2025. It will invest Rs 31,000 crore from 2022 to 2025 on exploration campaigns across the country. Its abroad production is seen to rise from 15 MMtoe to 40 MMtoe.