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Energy | ONGC: new findings may help start output by ’12

Energy | ONGC: new findings may help start output by ’12
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First Published: Mon, Feb 23 2009. 09 38 PM IST
Updated: Mon, Feb 23 2009. 09 38 PM IST
New Delhi: The country’s largest energy explorer Oil and Natural Gas Corp. Ltd (ONGC) discovered oil and gas off the east coast that may help it to begin output from the area in three years, a senior company official said.
There have been numerous discoveries in various blocks of the Krishna-Godavari (KG) basin recently, ONGC director of exploration D.K. Pande said over telephone from New Delhi on Monday. “We are aiming to start production from these by 2012.”
State-owned ONGC needs to make up for dwindling output at its older fields and is competing with Reliance Industries Ltd, which aims to supply at least 40% of the country’s oil and gas needs by March 2010. ONGC’s field is adjacent to one owned by Reliance, which began producing oil in September.
The recent discoveries by ONGC are near the KG-DWN-98/2 block in the deep waters of the KG basin, where gas was discovered earlier, Pande said. The explorer hasn’t assessed the reserves or the cost of developing the field, he said.
ONGC discovered oil in KG-DWN-98/2, ‘The Economic Times’ reported on Monday.
Bloomberg
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Reliance eyes storage units in US to sell fuel
Mumbai: Reliance Industries Ltd may buy or lease storage facilities in the US to sell fuel from its new 580,000 barrel-a-day refinery in western India.
“We are looking for product storage capacity in the US for our export-oriented refinery at Jamnagar,” Reliance said in an emailed statement on Monday, without giving more details.
The company has set up an office in Texas to trade gasoline on the US, Gulf Coast and New York Harbor markets, according to the report.
Bloomberg
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OIL makes deepest hydrocarbon discovery
New Delhi: State-run Oil India Ltd (OIL) has made a significant oil discovery in upper Assam—the deepest commercial hydrocarbon strike in the country.
The discovery was made at the depth of at least 5,610m, OIL chairman and managing director N.M. Borah said.
A number of prospective oil and gas bearing sands, with a total net hydrocarbon pay of about 50m, were encountered in the discovery well Mechaki-2, he said.
The well was tested to have a production potential of at least 1,000 barrels of oil equivalent per day. “This significant discovery has opened up adjoining neighbourhood for further exploration of deep seated hydrocarbon prospects by OIL,” he said.
PTI
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First Published: Mon, Feb 23 2009. 09 38 PM IST