61 Oil and Gas finds discover 729 MMT in-place reserves during last three years

The Minister of Petroleum and Natural Gas Shri Murli Deora informed the Lok Sabha in a written reply today that in last three years, 2003-06, ONGC, OIL and Private/Joint Ventures Companies have made 61 hydrocarbon discoveries in the country. This has resulted in 729 Million Metric Tonnes(MMT) of new in-place oil and gas reserves in the States of Andhra Pradesh, Assam, Gujarat, Rajasthan, Tripura as well as Eastern and Western offshore areas of the country.

Shri Deora also informed the House that approximate investments made by National Oil Companies in overseas E&P projects as at the end of 2006 were about Rs. 20,000 crore in 20 countries. To enhance the country’s energy security, in keeping with the objectives of the National Common Minimum Programme, national oil companies such as ONGC Videsh Limited (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), Oil India Limited (OIL), Gail India Limited (GAIL), and private sector companies such as Reliance Industries Limited (RIL), Videocon and Essar have acquired participating interests in oil and gas projects abroad.

He further said that OVL’s Greater Nile Oil Project (GNOP) in Sudan, Sakhalin-I Project in Russia, Vietnam Project (Block 06.1), Block 24 in Syria and Mansarovar Project in Colombia in all of which OVL has participating interest, yield oil & gas production of the order of 6 million tonnes per annum. The other assets are at various stages of exploration.

Shri Deora also elaborated significant steps initiated by the Government and PSUs in meeting demand for petroleum products in the country. This include increasing domestic exploration efforts under NELP and CBM Policy, improving recovery from existing fields, developing recent discoveries, exploring potential of alternative sources acquisition of oil and gas assets abroad, etc.

Source : Press Information Bureau

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