India's ONGC sets natural gas goal for 2018

Jan. 6, 2014 at 5:33 AM

NEW DELHI, Jan. 6 (UPI) -- India's state-owned Oil and Natural Gas Corp. Ltd. said it expects to produce as much as 353 million cubic feet of natural gas from offshore reserves by 2018.

ONGC divides reserve area KG-DWN-98/2, which holds 11 oil and natural gas discoveries, into a northern and southern discovery area off the eastern Indian coast.

ONGC Director NK Verma said the northern area is slated for production through 2017-18.

"We are looking at producing 2.5 [million]-3 million tons of oil [per year] and 317 [million]-353 million standard cubic feet per day of gas from the Northern Development Area of Block KG-DWN-98/2," he said in a report Sunday from the Economic Times of India.

The northern reserve area holds an estimated 92.3 million tons of oil reserves, or around 676 million barrels, and 3.4 trillion cubic feet of natural gas. Those reserves are spread out over seven separate fields, the report said.

Verma said ONGC plans to spend more than $9 million developing the offshore reserves.

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