New Delhi: ONGC Videsh Ltd’s (OVL) Sakhalin I oilfield in Russia will see production declining to 160,000 barrels per day (bpd) next year from 190,000 bpd, a company official said.
“The field is witnessing a drop in production since last year, due to declining reserves,” he said.
OVL, the overseas arm of state-run ONGC, has 20% stake in the Sakhalin I field, where second phase of development will result in rise in production from 2010.
The company is looking at bidding for exploration blocks in Angola and has been shortlisted by Iraq for award of discovered oilfields, the official said.
Its Sudan properties have also seen a drop in production to 210,000 bpd from 300,000 bpd.