ONGC Launches Deepwater Exploration Program
ONGC
ONGC will kick off its deepwater exploration program with five wells offshore the East and West coast of India.
Three wells will be drilled on the East coast while the other two wells will be drilled in Maharashtra. ONGC has set a target of drilling 35 deepwater wells during the course of the year.
ONGC's Executive Director, Asset Manager (Mumbai High), Kharak Singh, said that the expenditure on each deepwater well would be in the region of Rs 80 to Rs 100 crore. ONGC plans to spend about Rs 1,800 crore for deepwater drilling activities in the current year, he added.
ONGC has decided to focus on deepwater exploration to increase its crude production. It is in the process of hiring two rigs for its exploration activities. It takes approximately 40 days to drill a deepwater well.
ONGC will also begin drilling on the 37 wells awarded to it under the New Exploration Licensing Policy (NELP), by the end of this year. It won 37 of the 70 exploration wells thrown open by the government under the first three rounds of NELP.
ONGC is going bullish on the exploration front and decided to invest another Rs 1,700 crore to develop three discovered fields in India. It has also decided to open up oil and gas fields for exploration to other companies, to increase crude production. Some of the fields have been discovered, but not explored by ONGC as yet.
It has opened up 94 discovered but unexploited fields. The exploration major has estimated more than 200 million tons of oil in these fields. While the gas reserves are expected to be more than 120 billion cubic meter.
ONGC has outlined a number of programs to increase the crude production. It will be spending about $1.2 billion every year in exploration related activities. It is focusing on early production system and higher recovery.
Three wells will be drilled on the East coast while the other two wells will be drilled in Maharashtra. ONGC has set a target of drilling 35 deepwater wells during the course of the year.
ONGC's Executive Director, Asset Manager (Mumbai High), Kharak Singh, said that the expenditure on each deepwater well would be in the region of Rs 80 to Rs 100 crore. ONGC plans to spend about Rs 1,800 crore for deepwater drilling activities in the current year, he added.
ONGC has decided to focus on deepwater exploration to increase its crude production. It is in the process of hiring two rigs for its exploration activities. It takes approximately 40 days to drill a deepwater well.
ONGC will also begin drilling on the 37 wells awarded to it under the New Exploration Licensing Policy (NELP), by the end of this year. It won 37 of the 70 exploration wells thrown open by the government under the first three rounds of NELP.
ONGC is going bullish on the exploration front and decided to invest another Rs 1,700 crore to develop three discovered fields in India. It has also decided to open up oil and gas fields for exploration to other companies, to increase crude production. Some of the fields have been discovered, but not explored by ONGC as yet.
It has opened up 94 discovered but unexploited fields. The exploration major has estimated more than 200 million tons of oil in these fields. While the gas reserves are expected to be more than 120 billion cubic meter.
ONGC has outlined a number of programs to increase the crude production. It will be spending about $1.2 billion every year in exploration related activities. It is focusing on early production system and higher recovery.
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea