India’s exploration company Oil and Natural Gas Corp (ONGC) intends to produce 15 million cubic metres of gas a day (mmscmd) from its block in the Krishna Godavari (KG) basin in India’s east coast, in 2024.
ONGC finance head Subhash Kumar said that the company plans to increase production capacity from its KG basin block to 8.5 mmscmd in 2022/23 from 3-3.5 mmscmd in May 2021, and reach peak production rate in 2024.
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Kumar said at an investors call: “Gas production from Cluster-II has started as it is currently producing 320,000 standard cubic meters per day.”
The move is expected to contribute to India’s aim to increase the share of cleaner fuel in its energy mix from the current 6% to 15% by 2030.
India is currently the fourth biggest importer of LNG and it intends to improve its domestic gas production, reported Reuters.
On 13 February, ONGC’s board approved the creation of a wholly-owned subsidiary for a gas business that could bid and purchase gas from its own fields.
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By GlobalDataSeparately, Indian Prime Minister Narendra Modi is set to lay the foundation stone of Cauvery Basin Refinery at Nagapattinam in Tamil Nadu.
Once operational, the refinery will have a capacity of 9 million metric tonnes per annum.
Planned to be set up through a joint venture of Indian Oil Corporation (IOCL) and CPCL, the Rs315bn ($4.33bn) refinery will produce motor spirit and diesel in compliance with BS-VI specifications, and polypropylene as a value-added product.
