New Delhi: India's largest energy explorer Oil and Natural Gas Corp Ltd's plan to do concurrent drilling at its natural gas fields off the western coast and eastern coast is expected to raise the company's total gas production by over 50% to 100 million standard cubic meters per day from the current 65 mscmd by 2016-17, Chairman and Managing Director Sudhir Vasudeva told the Financial Express.
The state-run oil and natural gas explorer is expediting the process for exploration and block appraisal of its gas fields off the country's east coast and also bolstering gas production from its C-series field off the western coast.
"Our efforts on the East and West coasts, coupled with some other nominated blocks, should increase our gas production by another 35 mscmd, taking our overall production to 100 mscmd by 2016-17," Vasudeva told the paper.
The state-run oil and natural gas explorer had earlier planned to do the drilling in phases, but now plans to do it concurrently to raise the output.
"Earlier, we had plans to get the first phase depleted and then get the second phase into production. Now, we plan to do it concurrently," Vasudeva said.
In the KGDWN-98/2 block in the Krishna Godavari (KG) basin, off the India's eastern coast, Oil and Natural Gas Corp has permission to drill six more wells and is looking for exploration and appraisal of the block by the end of 2013.
"Our deadline for completing exploration and appraisal is 2013-end...We are starting our appraisal post-monsoon, will complete it by 2013, and draw our field development plan."
From the 98/2 block in the KG basin, the company is planning to produce 20-21 mscmd of gas by 2016-17 and another 14-15 mscmd from other nominated blocks, that will take the total output to 100 mscmd by 2016-17, Vasudeva said.
Meanwhile, Oil and Natural Gas Corp also plans to start gas sales from Gamij field in Kheda district of Gujarat to the private sector companies shortly through e-bidding process, media reports said, citing a company's spokesperson.
"Gamij becomes the first small marginal field of ONGC to commence gas sale through an e-tendering process, having potential of 15,000 standard cubic metres per day (SCMD) on fall back basis (as & when available) for a period of five years," the spokesperson said.
The move is expected to benefit existing and upcoming small and medium enterprises (SMEs) around the small field and expects to generate an annual revenue of Rs 55 million over the next five years.
Shares of the company today ended at Rs 286.95, up 0.77% on the Bombay Stock Exchange.