By an OGJ Online Correspondent
MUMBAI, Oct. 1 -- Oil & Natural Gas Corp. production is lower than usual so far this year, in part because of revamping activities and power shortages in Assam, northeastern India.
Production of crude from the Indian government-owned ONGC during the first 5 months of fiscal 2001-02 (April through August) has been 12.803 million tonnes, falling short of target by 6.2%, and down 4.8% from the same period in 2000. The company's target for the fiscal year is 32.503 million tonnes.
Crude production at offshore Bombay High field fell short of the target by 14.7%. The redevelopment of Bombay High North, which involves drilling 78 new wells, has begun.
ONGC Chairman Subir Raha said Bombay High is "producing reasonably well" and has another 25-30 years of reserves.
ONGC's lower production does not augur well for its 2001-02 financial results.
However, the company's short and medium-term exploration and production strategy calls for "intensive exploration" to establish 6-7 billion tonnes of oil equivalent over ONGC's initial hydrocarbons in place of 6.029 billion tonnes by 2020.
In the short term (2002-07) increasing the reserve base would require development of 107 undeveloped small fields with reserves of 200-250 million tonnes of hydrocarbons.