State-owned oil explorer ONGC, in a significant step toward nation’s energy security, strategies to double its gas production in the next 5-6 years, said company’s CMD Dinesh K. Sarraf. Despite oil prices tumbling to record lows, Mr. Sarraf said, ONGC has not only continued production from its current fields through increasing efforts but also taken large calculated and meaningful investment decisions to safeguard sustained financial and volumes growth.
He said, “Stake of gas in country’s energy basket is set to grow from 6.5% to 15%. The union government is dedicated on making our economy gas based.” Many of ONGC’s new projects are gas based, said Mr. Sarraf while talking about ONGC’s upcoming plans.
Mr. Sarraf said, “ONGC have flagged off 17 production associated projects with a capital expenditure of Rs. 76,000 crore in the past three years. During their profile period, these projects would produce 69 million metric tonne (MMT) of crude oil and 118 billion cubic metres (bcm) of natural gas. Aggregate production from the above stated projects would be highest during 2020-21 at 13.38 BCM of gas and 6.65 MMT of crude which is 45% of our gas and oil standalone production during Financial Year 2017”.