MUMBAI (Commodity Online): ONGC, India's premier energy giant, is ready to tie-up with international energy players to improve oil and gas production from Mahanadi and Krishna-Godavari basins. The company aims to beef up its natural gas output by 60% to 100 million standard cubic meters per day( mmscmd) over the next 5 years as well as to improve on its crude oil production by 20% to 28 million tonnes a year by 2013-14.
'My first focus will be the core activity of exploration and we will leave no stone unturned in revisiting the exploration strategy." said Sudhir Vasudeva, recently appointed chairman of ONGC was quoted by Domain-b.com.
By 2020, the ONGC has targeted to produce 20 million tons of oil or equivalent amount of gas overseas.
Earlier, Reliance had been in tie up with UK based BP to extract the oil and gas from the KG-D6 block in Krishna - Godavari basin.
ONGC, often touted “the sleeping giant”, has carried out about 340 discoveries, out which 110 are under production.
The company has planned to invest around Rs.25,000 crore in developing 35 marginal fields which have the potential of producing 15 to 20 mmscmd gas.
