To reverse years of decline in output, India’s top oil and gas producer ONGC is pivoting on a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, increasing recovery from existing fields, and increasing collaborations with experts, according to its new chairman Arun Kumar Singh.
Oil and Natural Gas Corporation (ONGC) is eager to bring in internationally renowned exploration firms as strategic partners in difficult areas such as deepsea, as well as experts who can help increase productivity in ageing and mature fields such as prime Mumbai High. In an interview with PTI, Singh stated.
ONGC, which accounts for roughly 71% of India’s domestic production, has reported a gradual decline in output for more than a decade, owing primarily to the age of its fields.
It produced 21.707 million tonnes of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used to produce electricity, manufacture fertilizer and as CNG in automobiles.
