New Delhi: After newer discoveries in the western and eastern offshore begin producing, Oil and Natural Gas Corporation (ONGC) claimed its crude oil production will grow 11 percent and natural gas output will jump 25 percent, reversing a downward trend in recent years.
ONGC said crude oil output will climb from 19.545 million tonnes in the fiscal year ended March 31 (2021-22) to 19.88 million tonnes this year and 21.588 million tonnes the following year in an investor presentation following FY22 earnings. In 2024-25, output will reach 21.701 million tonnes (FY25). Similarly, gas output will increase from 20.907 billion cubic metres in 2021-22 to 21.097 billion cubic metres in the current fiscal year and 24.387 billion cubic metres in the next fiscal year.
The output in FY26 will be 26.124 bcm. Projects to bring gas, which can be found on both the east and west coasts, will help boost output. ONGC expects finds in the Bay of Bengal's KG-DWN-98/2 to carry the majority of the load, with Cluster-8 marginal resources in the western offshore supplementing production.
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