|ONGC achieves highest Reserve Accretion in last two decades|
27 April, 2010
ONGC Board in its 203rd Meeting held on 26th April 2010 noted the FY’10 Physical E&P performance results and adopted hydrocarbon reserves which are as follows:
1. Discoveries and Reserve Accretion:
The Ultimate Reserve accretion of ONGC including its Joint Ventures in domestic fields in 2009-10 has been 87.37 MTOE (Million tonne oil and oil equivalent gas) against the MoU Target of 76.28 MTOE(114.5% achievement). Ultimate Reserve accretion in ONGC operated fields has been 82.98 MTOE; the highest ultimate reserve accretion in the last 20 years.
Significant finds of the last fiscal are Kasomarigaon in Assam, South Mahadevpatnam & Pennugonda in KG onland, GK-28-1 in Kutch offshore and PER-1 in Mumbai offshore. Kasomarigaon and Pennugonda discoveries have already been put on production.
In FY’11, ONGC has made three Discoveries in April, 2010, out of which one is a new prospect and two are new pools (Annexure-I). These three discoveries have also been notified to DGH.
One of the new pool discoveries of April’10 is a well from Kutch Offshore Basin; GK-28-2, and has tested oil for the first time in the sub-trappean Cretaceous reservoirs of Western Offshore. ONGC, through adoption of innovative data acquisition and processing techniques, has been making efforts to unfold the sedimentation pattern and tectonic set up of sub-trappean sequences. Exploratory leads obtained could establish a few discoveries in Tertiary as well as Mesozoic sections. Prospect GK-28 was finally validated with the help of state-of-the-art data processing techniques. The first well drilled on this prospect to a depth of 1550m tested gas from shallow Mid-Miocene sediments. The next well GK-28-2, drilled on this prospect, tested oil in Late Cretaceous sediments in the interval 2557 and 2558.5 m. Both these discoveries are significant. It is for the first time that oil is produced from the Late Cretaceous in the entire Western Offshore of India. This find heralds a bold initiative to upgrade Category-II Basin to Category-I.
2. ONGC maintains Production levels:
The combined Oil & Gas production of ONGC, including OVL and ONGC’s share in PSC-JVs registered 61.04 million tones of oil and oil equivalent gas (MTOE) during the year 2009-10; marginally less compared to production during FY’09 i.e., 61.23 MTOE.
This year, ONGC achieved all the production targets except that for crude oil. Crude oil production registered 24.858 MMT against the target of 25.764 MMT (97%); whereas gas production has been 104% against the target.
The detailed production from ONGC, OVL and ONGC-Joint Venture Fields are as follows:
Oil production registered a decline mainly due to natural decline in some major producing fields of ONGC and OVL.
Natural Gas production from ONGC operated domestic fields and OVL fields registered increase of 2.77% and 7.25% respectively. However, gas production from PSC JV fields registered a decline of 15.73% mainly on account of 27% decrease in production from Tapti field and 5% decrease in production from Panna & Mukta fields.
Commenting on the E&P performance, Mr. R S Sharma, ONGC CMD stated, ‘Against the global average rate of declining production from mature fields, the performance of ONGC is very much satisfactory. I am delighted to mention that the Reserve Replacement Ratio (RRR: the ratio of reserve accretion to the production) of ONGC in its own domestic fields in this fiscal has been exceptionally impressive 1.73 for 3P reserves and 1.33 for 1P reserves. The Reserve accretion is the highest in the last two decades, which is a commendable performance in the context of waning reserve accretion trend across the globe.’
Discoveries in FY’11
During April ‘10, three hydrocarbon discoveries have been notified by ONGC.The details are as under:-
New Prospects Discovery
1.Well Karvan-1, Karjan Extn-II PEL Block, Western Onland Basin
The exploratory well Well Karvan-1, drilled to a depth of 540m in Karjan Extn-II PEL Block of Western Onland Basin, flowed gas from 2 intervals (328-325, 315-313m and 309-305, 293-290m in Babaguru Formation) @16,738 and 17,324 m3/d with 7 mm bean. The well also gave influx of oil (6.74 m3/d) from Ankleshwar Formation in the interval 421-417m.
New Pool Discovery
2. Well GK-28-2, Kutch Offshore Block-I Extn. PEL, Western Offshore Basin
The Exploration well GK-28-2, drilled to a depth of 4087m in Kutch Offshore Block-I Extn. PEL Block of Western Offshore Basin, flowed oil from Mundra Formation of Late Cretaceous age in the interval 2557-2558.5 @ 672 Bbl/d through 12 mm bean with 30% water. The oil is of good quality with an API gravity of 41.86 degrees.
This is a fault closure prospect off Kutch where for the first time oil is reported in sediments of Cretaceous age. This is also the first Cretaceous oil in the entire Western Offshore area.
3. Well Ahmedabad-124, PEL Block, Western Onland Basin
The well Ahmedabad-124, drilled to a depth of 1976 m in Valod Extn-I PEL Block of Western Onland Basin, flowed oil from K-XI sand in interval 1510.5-1506.5m @ 4 tonnes/d. The oil is of good quality with an API gravity of 38.86 degrees. Additionally, K-X sand is also found to be oil bearing in the intervals 1480-1475 & 1486-1480m where an influx of 30.86 m3 was observed. The oil is of good quality with an API gravity of 37.86 degrees.