ONGC fields enhancement contracts to be pushed into more production
Following the sustained and steady fall in production from both onshore and offshore fields of oil major ONGC since 2006-07, the Directorate General of Hydrocarbons (DGH) plans to push the company into more production enhancement contracts (PEC). “If for any field, it cannot increase yield, it should relinquish the acreage (without waiting for too long),” said a government official. The official added that a large number of fields will be put under PEC and it is being decided which ones should taken up in the first round.
The DGH had been asked by the ministry of petroleum and natural gas to regularly monitor the national oil companies. Data show ONGC’s production from major onshore fields have fallen from 4.84 million tonnes (MT) in 2006-07 to 2.79 MT by 2015-16, and that for major offshore from 15.43 MT to 11.77 MT during the same period. Interestingly, the production figures have shown a continuous fall.