Mumbai, Oct 24 (UNI) The state-owned Oil and Natural Gas Corporation (ONGC) is providing an outlay of Rs 31,000 crore for the 11th plan and has fixed a target to scale up its oil production to 46 million metric tonne (MMT) in next two decades, announced the company chairman and managing director R S Sharma today.
Addressing a news conference here, Mr Sharma sought to impress that the ONGC had not only succeeded in arresting decline in its production level but also has marginally increased it.
The trend, worldover, is that the production level of all major countries, except the OPEC-members, have declined in the recent past, he asserted.
Elaborating on the post-monsoon operations of the ONGC, Mr Sharma said out of 13 new offshore projects undertaken this fiscal at a cost of 3 billion US Dollars, 11 would be completed by April next year.
Another six projects costing Rs 9,000 crore are at 'valuation' stage, he said, adding that 11 more projects are at 'conceptual' stage. Most of these projects are in the western offshore fields near Mumbai.
''The facilities in nearly three decade-old Mumbai High fields are also to be revamped,'' he said.
The company, in which the Government owns 74 per cent shares, is to announce its quarter 2 results on October 30, he informed and indicated that its net profit this year may be more than Rs 15,600 crore clocked last fiscal.
The company would also invest about USD 5 billion in next five years to develop southern fields in Krishna Godavari basins, said D K Pande, director of exploration and production.
To a query regarding the production of gas, Mr Sharma said the company aims to produce 25 million cubic metres of natural gas per day from its fields in the Krishna-Godavari basin by the end of 11th five-year plan.
The KG basin was reported to have natural gas reserves of about 6 trillion cubic feet and ONGC's plans are afoot to revise these estimates upwards after drilling more appraisal wells, he added.