ONGC Current Affairs - 2019
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State-owned Oil and Natural Gas Corporation (ONGC) has made oil discovery in WO-24-3 well located west of Mumbai High fields in Arabian Sea. The well is estimated to hold in-place reserve of about 20 million tonnes.
The new discovery comes almost 50 years after ONGC began production in Mumbai High, which is India’s biggest oil field. It currently produces 205,000 barrels of oil per day (just over 10 million tonnes per annum).
In all, ONGC had tested nine objects or zones and all of them were found to be hydrocarbon bearing. The last object tested flowed 3,300 barrels of oil. ONGC is also carrying out further appraisal of discovery and has intimated upstream regulator Directorate General of Hydrocarbons (DGH). The new find will add to existing production capacity of Mumbai High in less than two years time. It will help ONGC to maintain production levels from basin for a longer time than currently estimated.
Mumbai High is ONGC’s flagship oil producing assets. It along with other small fields along western offshore have produced 16 million tonnes per annum of oil, which is 44% of India’s total crude oil production of 36 million tonnes. ONGC produced 25.5 million tonnes of oil in 2016-17, which will reach 28-29 million tonnes by 2019-20.
Oil and Natural Gas Corporation Limited (ONGC)
ONGC is multinational oil and gas company headquartered in Dehradun, Uttarakhand. It is Public Sector Undertaking (PSU) under administrative control of Ministry of Petroleum and Natural Gas. It is India’s largest oil and gas exploration and production company. It produces around 77% of India’s crude oil (equivalent to around 30% of the country’s total demand) and around 62% of its natural gas.
The Cabinet Committee on Economic Affairs (CCEA) has approved survey project to acquire 48,243 Line Kilometer (LKM) 2D seismic data for appraisal of Indian sedimentary basins where limited data is available.
Sedimentary basin is a low area in the Earth’s crust, of tectonic origin, in which sediments accumulate. It can range from as small as hundreds of meters to large parts of ocean basins.
India has total 26 sedimentary basins covering area of 3.14 Million Sq Km (MSK) spread over onland, shallow water and deep water. 48% of total sedimentary basin area (about 1.502 MSK) does not have adequate geo-scientific data.
The project will be implemented by Oil India Limited (OIL) and Oil and Natural Gas Corporation (ONGC). Under it, survey work will be carried out in 24 States. OIL will conduct survey in North-Eastern States, while ONGC will cover remaining area. The entire project is likely to be completed by 2019-20.
After appraisal of these sedimentary basins, blocks will be offered for further exploration and production activities based on prospectivity of area. It will help in increasing the investments in domestic production of oil and gas and generate direct and indirect employment.
The appraisal of all unappraised areas is considered an important task to launch future Exploration and Production (E&P) activities. Data acquisition will provide initial insight into basins and help in planning future E&P activities. It will be useful in deciding focus areas of exploration activities in country and on basis of this primary data, E&P companies will be able take up further exploration activities in acreages allocated to them.