After claiming the ONGC (Oil and Natural Gas Corporation limited) caters nearly 25 per cent demand of oil and gas in the country, Director (Exploration) NK Verma said that the company has been working hard to bridge the gap between demand and supply of oil and gas, which has been increasing year after year.
ONGC has been at the forefront of ensuring hydrocarbon availability for India for the last 57 year and will need to continue playing this critical role. While addressing mediapersons in a Press conference at ONGC campus in Dehradun on Saturday, Verma said that nearly three per cent growth rate is required in hydrocarbon for ensuring seven to eight per cent of GDP growth rate in the country.
“ONGC is proud to maintain a health and positive Reserve Replacement Ratio (RRR) over the last eight year,” he averred, adding that the limited is committed to enhance the country’s reserve base of oil and oil equivalent of gas (O+OEG). According to him, a robust and continued exploration success is essential for creating wealth and sustained growth on a dynamic basis for hydrocarbon Exploration and Production (E&P) company and to sustain this growth and protect ONGC’s market share in the Indian E&P scenario and remain relevant in the Indian energy sector, a Perspective Plan (PP)-2030 has been outlined by the limited.
He told every possible efforts would be made by the ONGC in order to achieve an exploration target of accreting 3.5 billion tones of Oil Plus Oil Equivalent Gas (O+OEG) from domestic acreages in the next one and half decades and to expand overseas accretion and production by nearly seven time during the same period. He said that with an aim to achieve the target, a fully geared and enthusiastic work force with the world class exploration thinking and robust implementation processes together with adequate financial and operational resources in being put in the place in ONGC.
Verma said that premier institutions like KDMIPE (Keshava Deva Malaviya Institute of Petroleum Exploration) and GEOPIC (Geodata Processing and Interpretation Center) based at Dehradun play a pivotal role in providing integrated petroleum exploration solutions as both institutes have been leading centres in E&P industry and have advanced capabilities in providing intrinsic solutions. Verma told that ONGC has so far made 13 hydrocarbon discoveries in various basins covering on-land and shallow offshore in 2013-14.
ED-Chief (E&D) A Sahu, KDMIPE Head DK Dasgupta, GEOPIC Head Anil Sood and Bhasin Manager (Frontier Bhasin) DN Singh were also present.