Among the Category II basins of Mahanadi, Bengal, Kutch & Saurashtra, and the Andamans, acquired under the open acreage licensing policy (OALP), drilling operations (for oil) will begin by the end of this fiscal for Andamans, Rawat added. Under OALP blocks, the licence-holders are allowed to carve out areas they want to explore.
Talking about oil production from the KG 98/2 basin, she said that the field is likely to reach its peak production of 45,000 barrels per day (bpd) of crude oil and 10 million metric standard cubic metres per day (mmscmd) of gas by the end of the current financial year. "By month-end, there will be some real changes and production numbers will improve. We have just connected 6 of the 20 wells. Once these wells start getting connected for oil and gas, the production definitely is going to go up." ONGC's output was 4.576 million tonne in Q2FY25 against 4.545 million tonne in Q2FY24. During April-October this fiscal, the company produced 10.3 million tonne of oil, down from 10.6 million tonne last year, as per official data.
This story is from the December 12, 2024 edition of Financial Express Lucknow.
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This story is from the December 12, 2024 edition of Financial Express Lucknow.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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