ONGC's onshore domestic crude production rises 2.4 pc in FY17

The state-run ONGC has seen reversal in onshore domestic crude oil production as it increased to 5.97 MMT during the fiscal year ended March from 5.82 MMT in FY16, logging a growth of 2.4 per cent due to early monetisation of discoveries at Ankleshwar, Cauvery (Madnam) and Rajahmundry (Keshnapalli West), among others.

ONGC Chairman and Managing Director D K Sarraf today also said that the last fiscal year has been "excellent" one as the company had as many as 23 new discoveries compared to 17 in 2015-16.

"Around 60 per cent of the discoveries have been monetised in the same year," Sarraf told reporters here.

Of the 23 new discoveries made in last fiscal, 13 discoveries were in the onshore wells and 10 in the offshore wells, he said.

The production is expected to jump further to 6.05 MMT during the current year backed by similar monetisation of Ahmedabad (Gamij) and Mehsana besides existing ones in Cauvery (Madnam) and Rajahmundry (Keshnapalli West).

The company drilled its highest-ever number of wells -- 501 -- during FY17, against 392 in FY16 and 401 in FY15.

The Central government's initiative for `Reassessment of Hydrocarbon Resources (HC)' in Indian sedimentary basins which is being undertaken by ONGC is expected to get complete by end of November this year, Sarraf said.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)