VADODARA: ONGC CMD Sudhir Vasudeva today said the state-run oil and gas behemoth was aiming at converting some of the deep water discoveries to production by 2016-17.
“ONGC owns 56 deep water blocks, allocated to it under the New Exploration Licensing Policy regimes between 1997 and October 2010. There is a huge potential for discoveries there. ONGC had initial success in the KG Basin block in Andhra Pradesh,” he said.
Vasudeva was speaking to reporters after conducting annual review of the operational capacity of the Western onshore basin at its headquarters here.
“The time from discovery to production is longer for deep water assets than for onshore and shallow-water ones. By 2016/17, we aim to convert some deep water discoveries to production,” he said.
Vasudeva said ONGC would get 0.8 MMCD of gas less owing to troubles in Sudan and Syria.
“It will, however, not affect the overseas operations in other 13 countries and ONGC will continue to get 9.45 MMCD of gas. Our operation in Myanmar will start soon,” the CMD said.
He said the company’s estimate for the 12th Plan (2012-17) stood at Rs 1.64 lakh crore as against Rs 75,000 crore in the previous plan.
“We are trying to monetise offshore fields that were unviable earlier and production in these fields will start in 2013 and generate about five million tonnes of gas,” Vasudeva added.