6 months ago
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ONGC expects standalone accumulation of crude lipid to standard 21 cardinal metric tonnes (MMT) and state accumulation to interaction 21.5 cardinal cubic meters (BCM) successful fiscal twelvemonth 2027, Ajay Kumar Singh, Executive Director (Chief Corporate Planning) told investors successful a post-results league telephone Tuesday. He said the institution expects crude lipid accumulation of 19.8 MMT successful the ongoing fiscal twelvemonth alongside 20 BCM of gas.
Elaborating connected the avenues for growth, Vivek Tangaonkar, Director of Finance astatine ONGC, said the institution has already started seeing a definite uptick successful accumulation of lipid and state from the Mumbai High (MH) field.
“We bash expect that during this twelvemonth itself, we should person immoderate affirmative communicative coming up from there,” helium said. He added the exploration institution had expected immoderate “green shoots” from January onwards wherein it had deployed British vigor large BP arsenic the method services supplier (TSP) earlier this year. This was to stabilise the accumulation diminution and reconstruct growth.
In summation to this, Mr. Tangaonkar said the Daman Upside task is “running up of schedule”.
“We expect successful the past 4th of this [fiscal] year, we should person immoderate accumulation coming retired of that tract also,” helium stated.
On the eastbound coast, the Director (Finance) said that “deferred production” from the KG-98/2 basin would beryllium coming up successful the archetypal 4th of the adjacent fiscal year.
“We would beryllium installing surviving 4th acceptable up during December-January,” helium stated, adding, “part of that accumulation we were different expecting successful the afloat portion of the past 4th would beryllium deferred arsenic such.”
ONGC Videsh, the company’s exploration limb for operations extracurricular India, besides said that each partners person agreed to assistance the ‘forced majeure’ connected the LNG task successful Mozambique’s Cabo Delgado Province. The company’s enforcement stated successful the league that a ballot to formally assistance the forced majeure is expected “today oregon tomorrow”.
The operation of the LNG task successful the East African country, which started successful 2019, had to beryllium halted successful April 2021 pursuing militant attacks successful the bluish portion of the country. ONGC Videsh Rovuma Limited holds a 10% involvement successful the project, which is operated by the French vigor large Total SE, which commands a 26.5% participating stake. Bharat PetroResources, which besides commands a 10% stake, had besides announced Monday that partners person agreed to assistance the forced majeure.
