ONGC will invest over USD two billion in drilling a record 103 wells on its main gas-bearing asset in the Arabian Sea as it pivots a turnaround plan that will add 100 million tonnes to production, said a company official. ONGC has three main assets off the west coast including, Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22.
We have released a record 103 locations for drilling of wells on the Bassein and Satellite (B&S) assets over the next 2-3 years,” ONGC Director (Offshore) Pankaj Kumar said. The wells will tap smaller and hereto untapped reservoirs and help raise output.
“We estimate that this development drilling will enhance production by over 100 million tonnes of oil and oil equivalent gas over the life of the field,” he said. “The investment involved in drilling and facilities will be over USD two billion,” he added.
