In what may come as relief amid growing uncertainty over availability of petroleum products across the world in the aftermath of Russia-Ukraine war, India's largest explorer ONGC plans to raise its output over the next two fiscals from 2023-24 onwards.
According to ONGC's Director, Exploration, Sushma Rawat, the company's long standing efforts of raising output from KG Basin are likely to show results from 2023-24 onwards.
Rawat told IANS on the sidelines of India Energy Week here that in the next two years, production from KG basin is expected to double.
India's dependency on crude imports had risen to 87 per cent in recent years, owing to falling output of ONGC.
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In fact, some time back, the Parliamentary panel on petroleum had expressed concern over the Maharatna company's falling output.
Owing to its ageing fields, ONGC's output has been gradually declining for almost 10-years now.
In 2022-23, ONGC's crude oil production is expected to rise to 22.823 million tonnes, while gas output is set to go up to 22.099 bcm.
In 2023-24, crude oil production is expected to rise to 24.636 million tonnes and to 25.689 million tonnes in 2024-25.
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ONGC's natural gas production is likely to rise to 25.685 bcm in 2023-24 and to 27.529 bcm in 2024-25.