The state -run Oil & Natural Gas Corporation (ONGC) has drawn up plans to double its in-place hydrocarbon reserves over the next two decades from six billion tonne oil equivalent (btoe) to 12 btoe.
ONGC is also planning to improve its global recovery factor to 40 per cent. A decision to this effect was taken at its first ever "strategy meet" held at Mussoorie earlier this month.
At the strategy meet, ONGC discussed issues covering four main points -- exploration strategy, delegation of powers, organisational transformation project and issues pertaining to ONGC Videsh, the wholly owned subsidiary of ONGC.
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In drawing up plans towards achieving its goal of accretion of an additional 6 btoe of hydrocarbons, conservative as well as optimistic projections were made after factoring technical and financial resources available.
The areas to be acted upon were also categorised into short, medium and long term time frames with future developments to be based on the life-cycle plan for each field.
A plan for enhancement of the authority structure was also drawn up since it was felt that the effect of the substantial empowerment provided by the government to the organisation had failed to trickle down to the lower levels of management which was hindering its growth.
The strategy meet also arrived at several important decisions regarding the organisational transformation project (OTP) and recognised that in future 'enterprise' rather than 'assets' would be the value driver for the organisation.
Accountability of managers would also be specified in a list of quantified targets rather than the earlier system based on expectations and the managers would be given clear command over assigned resources.
The group also decided to strengthen ONGC Videsh , since it was felt that the company was at the threshold of several transactions totalling as much as 10 million tonne oil equivalent equity of oil and gas within a decade.
Apart from its board, the list of senior government and industry officials who attended the meet included V N Kaul, secretary (petroleum & natural gas), Jayant Mauskar, joint secretary (exploration), Avinash Chandra, director general (hydrocarbons), Bikram Bharali, advisor (exploration) and MS Ramachandran, director (planning & business development) of Indian Oil Corporation.