ONGC will raise crude oil production by 4%

ONGC will raise crude oil production by 4%
PTI
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First Published: Thu, Apr 26 2007. 04 33 PM IST
Updated: Thu, Apr 26 2007. 04 33 PM IST
New Delhi: Oil and Natural Gas Corporation plans to raise its crude oil production by over 4% to 27.16 million tonnes in the current fiscal, but its natural gas output is expected to be almost at the same level as last year.
ONGC produced 26.049 million tonnes of crude oil and 22,442 million standard cubic metres of gas in 2006-07. For 2007-08, it has projected oil production of 27.16 million tonnes and 22,097 mmscm of gas, Minister of State for Petroleum and Natural Gas Dinsha Patel said in a written reply to a question in the Lok Sabha.
Though ONGC’s projections for 2007-08 are higher than the previous year, it is lower than the target set in the performance MoU the company has signed with the Government.
ONGC’s MoU target for oil production in 2007-08 is 29.04 million tonnes, 25,050 mmscm of gas and 3.245 million tonnes of value added products, the minister said in response to a question.
The MoU target of ONGC Videsh Ltd, the company’s overseas arm, is 6.34 million tonnes of oil and 1.65 billion cubic meters of gas in 2007-08, he said.
OVL, which already has presence in over a dozen countries, is pursuing acquisition of E&P assets in Sudan, Iran, Iraq, Nigeria, Algeria, Egypt, Syria, Libya, Russia, Venezuela, Kazakhstan, Azerbaijan, Latin American countries and some African nations.
To another question, Patel said ONGC has commenced production of aviation turbine fuel (also known as jet fuel) from gas condensate at its Hazira plant in Gujarat from March.
“Production is currently about 600 kilolitre per month. As of now, there is no firm plan to supply ATF beyond the current levels,” he added.
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First Published: Thu, Apr 26 2007. 04 33 PM IST
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