New Delhi: State-owned Oil and Natural Gas Corp (ONGC) may see 4.7% rise in output at over 25 million tons in 2012-13 but natural gas output is projected to fall 1.4%.
The company estimates, submitted to the oil ministry, put crude oil output at 25.046 million tons in 2012-13, up 4.74% from revised estimate of 23.912 million tons for the current fiscal.
Its total offshore crude oil production is estimated to go up by nearly 7% to 17.870 million tons while the same from onshore fields would dip marginally to 7.176 million tons from 7.209 million tons in current year.
File photo of an ONGC offshore platform (Bloomberg )
However for 2011-12, ONGC has revised down the crude oil production target from 24.774 million tons to 23.912 million tons. This is lower than 24.418 million tons output of 2010-11.
For this year, output from offshore fields would fall 4.19% to 16.703 million tons while onshore output stands up better in comparison at just 1.78% off the target of 7.340 million tons to 7.209 million tons.
After accounting for output from joint venture fields like the prolific Rajasthan block operated by Cairn India, ONGC’s total oil production would be 27.268 million tons in 2011-12.
In 2012-13, ONGC is projecting a total output of 28.765 million tons, up 5.48% from the current year estimate.
But natural gas output has been revised downwards. Gas production (excluding JVs) has been revised downwards from a budget estimate of 23.536 billion cubic metres to 23.192 bcm in 2011-12. This compares to gas production of 23.095 bcm in 2010-11.
Offshore output is expected to fall short of target by 2.54%, from 18.153 bcm to 117.691 bcm.
If JVs are included, the downward revision is smaller, at 0.84%, from an overall budget estimate of 25.451 bcm to 25.235 bcm.
For 2012-13, ONGC is projecting an output of 24.877 bcm, with offshore gas production going up 10.21% to 19.498 bcm. After including joint ventures, gas output has been put at 27.018 bcm.