Oil and Natural Gas Corporation (ONGC) today said it added a record 284 million tonnes (mt) of oil and gas reserves in the 2008-09 fiscal, the highest addition by the company in the past 18 years. The state-run company added in-place reserves of 284.81 mt of oil and oil-equivalent gas, of which an estimated 68.90 mt are recoverable, the company said in a press statement here.
“With annual production of 47.852 mt of oil and oil equivalent gas, the Reserve-Replacement Ratio (RRR) works out to 1.44. This is the fifth year in running when RRR had exceeded 1,” it said.
The reserves had been added in fields operated by ONGC within the country and do not include the assets of its overseas subsidiary, ONGC Videsh Ltd (OVL). “This accretion comes from the ONGC-operated areas in the country including NELP blocks and also 12 new prospects and 13 new pool discoveries from the five onland and three offshore sedimentary basins,” ONGC said.
Besides, 12.19 mt of reserves have been added in fields ONGC operates in India with private sector firms. OVL, on the other hand, added 114.24 mt of recoverable reserves. Put together, ONGC added 297 mt of in-place reserves, of which 185.96 mt are recoverable.
ONGC Chairman and Managing Director R S Sharma apprised the company board at its meeting yesterday on the reserve accretion saying “such commendable exploration results in recent years have been made possible due to intensive technological inputs, association of domain experts and committed team work”.