ONGC to speculate ₹31,000 cr. find oil, fuel

India’s high oil and fuel producer ONGC on Thursday mentioned it is going to make investments ₹31,000 crore over the following three years in exploring the Indian sedimentary basin for gasoline reserves which might increase the nation’s manufacturing in its try to be self-reliant within the power sector.

In an announcement, ONGC mentioned its board held a gathering on Thursday to agency up its ‘Future Exploration Technique’.

“The corporate has drawn up a complete roadmap to additional intensify its exploration marketing campaign, allocating a capital expenditure of about ₹31,000 crore within the subsequent three fiscal years throughout FY 2022-25. That is 150% of its exploration expenditure of ₹20,670 crore within the final three fiscals throughout FY 2019-22,” it mentioned.

ONGC mentioned it additionally plans to leverage worldwide collaborations with reputed international majors for this, for which talks are in a complicated stage.

Nonetheless, it didn’t elaborate.

India is 85% depending on imports to satisfy its oil wants and half of the pure fuel requirement is shipped from overseas. Discovering and producing extra oil and fuel domestically will minimize this reliance, serving to insulate the home market from volatility in worldwide power costs.

“This exploration intensification contains actions funded by means of ONGC’s inside program in addition to funded and facilitated by the federal government,” the assertion mentioned.

Underneath the inner programme, ONGC is making an attempt to probe round 1,700 million tonnes of oil and oil equal fuel (MMTOE) of yet-to-find (YTF) reserves throughout FY 2022-25.

The actions right here embody a state-of-the-art 2D and 3D seismic survey, adopted by drilling of round 115-120 wells with an estimated outlay of Rs 10,000 crore yearly for the following three years.

As well as, the federal government’s facilitation has resulted within the launch of about 96,000 sq. kilometers of space to date, which was earlier demarcated as a ‘No Go’ zone. This may additional assist ONGC obtain its acreage acquisition program of bringing round 5,00,000 sq km beneath lively exploration by 2025.

Underneath a government-funded program for appraisal of unapprised offshore areas until the Unique Financial Zone (EEZ), 70,000 line kilometers (LKM) of state-of-the-art 2D broadband seismic information acquisition, processing and interpretation (API) shall be carried out in three sectors — west coast, east coast and Andaman offshore.

ONGC will full the technical bid opening (TBO) for seismic information acquisition by June 2022.

In Andaman Basin, ONGC presently holds two blocks for exploration beneath the Open Acreage Licensing Coverage (OALP).

“Authorities of India has additionally acquired seismic information in some sectors inside ‘No-Go’ areas and few prospects are already recognized,” it mentioned with out giving particulars.

ONGC plans to drill six wells within the subsequent three years (two beneath ONGC dedicated work programme and 4 by means of authorities funding).

Reputed international corporations/consultants are being invited for the evaluation of the basin for future exploration and exploitation plan.

“ONGC’s inside program has three elements – re-exploration of mature basins, consolidation of rising basins and probing of rising and new basins,” the assertion mentioned.

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