ONGC projects marginal rise in oil production, cuts gas output guidance from KG block


ONGC projects marginal rise in oil production, cuts gas output guidance from KG block

India’s state-owned petroleum explorer Oil and Natural Gas Corporation (ONGC) is likely to witness only a marginal rise in crude oil production by 2024 and has cut an earlier guidance on gas output from flagship block KG-98/2, a company executive said during an analyst call post the second quarter results.

The executive told analysts ONGC expects marginal increase in total crude oil production by 2024 from the current annual level of 23-24 Million Tonne and the contribution from its mega offshore deep water project – KG-DWN-98/2 – will result in an increase in gas production to 35 Billion Cubic Meter (BCM) by 2024, as compared to a projection of 40 BCM made earlier. Read more

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