ONGC remains steadfast in its commitment to excellence and innovation.
New Delhi: On the 11th of August 2023, in a grand display of opulence and prestige, the esteemed ONGC Board convened for its 368th meeting to approve the results for the First Quarter (Q1) of FY 2023-24. Despite facing a temporary decline in production output, ONGC remains steadfast in its commitment to excellence and innovation.
The reduction in production output during Q1 FY 2023-24 was due to a series of unforeseen circumstances, including the shutdown of Panna-Mukta offshore platforms for the commissioning of a new crude oil pipeline to modernize its evacuation facilities, post taking over from JV Partners. Additionally, Cyclone Biparjoy (June 2023) disrupted offshore and onshore production, while crude oil wells in southern India had to be stopped as a refinery there stopped receiving oil, following a leakage in their pipeline.
To counter this decline in production, ONGC is taking proactive steps by implementing well interventions and advancing new well-drilling activities. The current decline in production is temporary, and the same will be compensated in upcoming quarters with the commencement of additional production from new projects, especially by crude oil production commencement from KG 98/2 in Q3 2023-24.
In a display of exploratory success, ONGC has declared a total of four discoveries during the 1st Quarter of FY 2023-24 in its operated acreages. Out of these, three are prospect (offshore) and one pool discovery (onland). The latest discoveries notified since the last press release in this regard on 26.05.2023 are as follows:
The exploratory well, ST-6, was drilled in Mid and South Tapti PML area in Mumbai Offshore (Shallow water). The well has flowed gas both from Mahuva and Daman Formations. This is the first well drilled in the Mid-South Tapti ML since it was re-granted to ONGC in July’2021. The well has opened up a new area beyond the established limits of the Mid Tapti – South Tapti fields. This prospect discovery has been named as “Pukhraj”.
The development well Gopavaram-21 was drilled in Srikattapalli-Pasarlapudi (24) & Gopavaram PML area in KG onland basin. This success has been notified as Zone of Potential Commercial Interest (New Pool) as this new pay zone for the first time has proved hydrocarbon in the area.
ONGC’s commitment to excellence has not gone unnoticed, as the company has received numerous awards and recognitions. ONGC secured an impressive 158th ranking on the Fortune Global 500 list in 2023, climbing an astounding 32 places from 2022. ONGC Videsh was granted the Navratna Status by the Department of Public Enterprises, Ministry of Finance, and became the 14th Navratna amongst the CPSEs.
ONGC has set new benchmarks in gas trading, with its gas sales through Indian Gas Exchange (IGX) reaching a milestone of Rs 508 crores by June 2023. ONGC has ramped up gas sales through IGX to 25,700 MMBtu/day (approx. 7.0 LSCMD). About 169 buyer ship-to-parties have chosen ONGC as their trusted gas supplier through IGX, with a significant number of them being new buyers.
ONGC has achieved significant milestones, including connecting the Panna Process Platform with subsea pipelines, nearly 70 km offshore, amidst depths of around 65 m on 10 June 2023. ONGC has also signed three “Hook up Agreements” with Indradhanush Gas Grid Limited (IGGL) to connect its gas fields with the North East Gas Grid (NEGG) to foster a major milestone in energy connectivity and growth in the North East region.
ONGC’s commitment to the local community is evident in its funding of the construction of the National Disaster Mitigation Centre and Yatri Niwas in Sidhra, Jammu. The Hon’ble Minister of Petroleum and Natural Gas and Lt. Governor of J&K laid the foundation stone for this project, which will bring about favorable changes for the local community, while the surge in visitor numbers will catalyze prospects for economic advancement.
ONGC has been featured in GPTW “Wall of Fame” for its commitment towards maintaining the energy security of the nation. The company has also been conferred with the “Energy Company of the Year” & “The Social Changemaker Award” in Oil & Gas category by Economic Times on 20 June 2023.
On the auspicious day of 14 June 2023, ONGC, the esteemed leader in the oil and gas industry, signed a momentous Memorandum of Understanding with the illustrious Indian Oil Corporation Ltd. to explore downstream opportunities, particularly in the realm of petrochemicals. This collaboration will encompass both greenfield projects and acquisitions, marking a new era of innovation and progress.
-In a display of unparalleled excellence, ONGC joined forces with BPCL, GAIL, Indian Oil, and HPCL on 19 June 2023 to prioritize engineering and safety measures for pipeline protection. This historic Memorandum of Understanding streamlines the permission process for pipeline crossing permissions, ensuring that the highest standards of safety and efficiency are upheld.