Reversing the declining pattern of the previous few years, ONGC stated its crude oil manufacturing will rise 11 per cent and pure gasoline output will soar 25 per cent after newer discoveries within the western and japanese offshore begin producing.
In an investor presentation put up FY22 earnings, Oil and Natural Gas Corporation (ONGC) stated crude oil manufacturing will rise from 19.545 million tonnes within the monetary 12 months ended March 31 (2021-22) to 19.88 million tonnes this 12 months and 21.588 million tonnes within the subsequent 12 months.
The output will climb to 21.701 million tonnes in 2024-25 (FY25).
Similarly, gasoline manufacturing will rise from 20.907 billion cubic meters in 2021-22 to 21.097 bcm in present fiscal and 24.387 bcm within the subsequent. In FY26, the output will attain 26.124 bcm.
The output improve might be aided by tasks to deliver gasoline, discovered on each the east and the west coast.
ONGC is betting on discoveries in KG-DWN-98/2 within the Bay of Bengal to do a lot of the heavy lifting, whereas the Cluster-8 marginal fields within the western offshore will complement the manufacturing.
ONGC stated additionally it is implementing the fourth part of the redevelopment of the Mumbai High oil and gasoline fields, which is able to improve the restoration issue from the five-decade-old mature fields.
India’s dependence on imports to fulfill its crude oil wants has, lately, risen to 85 per cent as output from home fields continued to say no.
ONGC, the largest crude oil and pure gasoline producer within the nation, has through the years seen a gradual decline in manufacturing from its mature and growing older fields.
But the agency is now stepping up on exploration marketing campaign to search out extra reserves.
ONGC stated it should spend Rs 31,000 crore from 2022 to 2025 on the exploration campaigns all through the nation.
It is in a view to “add around 1,00,000 square kilometers of new exploration area annually up to 2024-25,” the agency stated, including, “increase of acreage holding likely to further establish the resource potential of undiscovered plays and realisation of YTF (yet to find) reserves.” This is part of the corporate’s Vision 2040 that requires elevating capacities and manufacturing throughout its portfolio of oil and gasoline exploration and manufacturing, downstream oil refining and petrochemicals and new power companies.
The firm, which began with an fairness infusion of Rs 343 crore by the federal government greater than six many years again, has generated a wealth of over Rs 9 lakh crore since then, and is now venturing on a brand new street to additional improve worth.
The new Energy Strategy 2040 goals to lift home manufacturing from 50 million tonnes of crude oil and oil equal gasoline to 70 MMtoe (Million Metric tonne of oil equal) by 2040, the presentation stated.
Overseas output is seen rising from 15 MMtoe to 40 MMtoe.
With 35 million tonnes each year of oil refining capability vested in its two subsidiaries — HPCL and MRPL, ONGC is focusing on to lift this capability to round 100 million tonnes by 2040. Also, growth in petrochemicals might be prioritised.
ONGC can be trying to scale up its renewable power portfolio to 10 Gigawatts from lower than 200 MW at present.
Also, the agency has arrange a USD 1 billion enterprise fund corpus for the incubation of recent applied sciences that can assist in elevating the output and discovering newer assets, the presentation stated.
Source: www.financialexpress.com”