‘ONGC aims to double acreage in 5 years’

State-owned ONGC aims to double its domestic exploration and production acreage to 500,000 square kilometres over the next five years, the company’s director-finance Vivek Chandrakant Tongaonkar told FE.

“The government of India has opened up 1 million sq km of no-go areas. We have plans to be in about 500,000-sq km area within the next five years and we plan to spend additional Rs 10,000 crore every year over the next five years focusing on exploration,” he said. 

ALSO READGautam Adani’s renewable energy park along Pak border raises national security concerns: Report

Last year, ONGC acquired more than 32,000-sq km acreage taking its total area to around 180,000 sq km, the company’s director-exploration Sushma Rawat had said. Currently, after formalisation of the ninth round of the open acreage licensing policy (OALP), ONGC’s total acreage will be up to around 250,000 sq km.

Also Read Projects worth Rs 58,000 crore get support of agri-infra fund ONGC sets FY26 capex target at Rs 36,920 cr Mitsubishi invests Rs 560 crore in Birla realty project Spending on rural housing scheme to fall short of BE by Rs 20,000-crore, FY26 outlay likely to be Rs 35,000 crore

When asked whether the company would jointly bid for the blocks put under the 10th OALP round, Tongaonkar said the company would be looking at all the areas on offer, and depending upon the risk capacity and the investment requirements, will decide whether it will partner with any other oil and gas major.

The state-run upstream major is going big on its exploration activities, aiming for a substantial increase in its oil and gas output. For this, the company has laid plans to reverse output decline from its  matured fields. 

“So focus would be on maturing as well as the exploration fields, because if you see the government has already mentioned that for new gas, which is there for nomination fields, we will get a better price, which is higher than the normal price that we are getting for the APM (administered pricing mechanism) gas. So we’ll continue to focus over there,” he said. 

“Plus there are a lot of reserves available with us and we are sure that we can get more production from our major blocks. In this case we also tied up recently with bp as a technical service provider for the Mumbai High field,” he said,

 » Read More

Related Articles

Big pension reform: Divorced daughter can claim father’s pension!

The Modi government has introduced a slew of reforms over the past many years to ensure social security for all citizens, with special focus on the marginalized section of society. Many reforms have been initiated in the pension sector to cater to the post-retirement needs of people irrespective of their work status. The government has

Forever 21 files for bankruptcy for second time in 6 years, brand to conduct liquidation sales

US-origin Fashion brand, Forever 21’s operator F21OpCo filed for Chapter 11 bankruptcy on Sunday. This is the second time in six years the retailer has taken the decision amidst withering sales. As Forever 21 fails to remain profitable, the company said the liquidation sales at their stores will soon follow. In the ever-increasing e-commerce market

Religare Enterprises commissions governance review, says will approach Burman Group for funding 

Religare Enterprises (REL) on Monday announced that its board has commissioned a governance review of REL and its subsidiaries, namely, Religare Finvest Limited (RFL) and Religare Housing Development Finance Corporation Limited (RHDFCL). For conducting the review, the company board has resolved to engage a law firm M/s Trilegal who would be assisted by M/s Grant

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Big pension reform: Divorced daughter can claim father’s pension!

The Modi government has introduced a slew of reforms over the past many years to ensure social security for all citizens, with special focus on the marginalized section of society. Many reforms have been initiated in the pension sector to cater to the post-retirement needs of people irrespective of their work status. The government has

Forever 21 files for bankruptcy for second time in 6 years, brand to conduct liquidation sales

US-origin Fashion brand, Forever 21’s operator F21OpCo filed for Chapter 11 bankruptcy on Sunday. This is the second time in six years the retailer has taken the decision amidst withering sales. As Forever 21 fails to remain profitable, the company said the liquidation sales at their stores will soon follow. In the ever-increasing e-commerce market

Religare Enterprises commissions governance review, says will approach Burman Group for funding 

Religare Enterprises (REL) on Monday announced that its board has commissioned a governance review of REL and its subsidiaries, namely, Religare Finvest Limited (RFL) and Religare Housing Development Finance Corporation Limited (RHDFCL). For conducting the review, the company board has resolved to engage a law firm M/s Trilegal who would be assisted by M/s Grant

Amazon eyes India IPO, in talks to spin off country division: Report

World’s largest e-commerce company Amazon is considering spinning off its India business and listing it on the domestic stock market, YourStory reported. If executed, this move would allow Amazon to solidify its presence in one of the fastest-growing digital marketplaces while navigating India’s strict e-commerce regulations. The Seattle-based giant, currently the second-largest player in India

Jefferies initiates coverage on Waaree Energies, Patanjali Food and Sai Life Sciences

International brokerage firm, Jefferies has initiated coverage on three stocks. They have a Buy rating on Patanjali Foods while the rating on Waaree Energies and Sai Life Sciences. Here is a quick look at the target price of these three stocks. Jefferies on Patanjali Foods Jefferies initiated coverage with a Buy rating and a target