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ONGC’s cost of oil production double OIL’s expense

ONGC’s cost of oil production double OIL’s expense
PTI
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First Published: Tue, Nov 23 2010. 05 22 PM IST
Updated: Tue, Nov 23 2010. 05 22 PM IST
New Delhi: The average cost incurred by Oil and Natural Gas Corporation (ONGC) on production of crude oil in Assam in 2009-10 was $52.51 per barrel, almost double what sister PSU explorer Oil India Ltd spent on crude production in the state, Parliament was informed on Tuesday.
ONGC produced 1.191 million tonnes of crude from its fields in Assam in 2009-10, incurring a cost of $52.51 on the production of every barrel of oil, minister of state for petroleum and natural gas Jitin Prasada told the Rajya Sabha in a written reply.
In contrast, OIL produced 3.54 million tonnes of crude at a cost of $27.16 per barrel.
He said in 2008-09, ONGC produced 1.223 million tonnes of crude oil at a cost of $50.64 per barrel. In comparison, OIL produced 3.432 million tonnes of crude at an average investment of $27.02 per barrel.
To a separate question, he said 271.1 million tonnes of oil and 384.9 billion cubic metres of natural gas reserves were accreted in the first three years of the XIth Five-Year Plan (2007-12).
In the Xth Plan, 425.5 million tonnes of crude oil and 688 bcm of gas reserves were accreted.
“During the 10th Plan, Rs39,439.61 crore has been spent on drilling of exploratory and development wells. During the first three years of the 11th Plan (2007-10), Rs49,285.89 crore has been spent for the same,” he added.
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First Published: Tue, Nov 23 2010. 05 22 PM IST
More Topics: ONGC | OIL | Production | Crude | Jitin Prasada |