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Piyush Goyal's threat-II: Will cost economics allow ONGC's new basins to produce oil?
May 02: A bunch of new discoveries by ONGC in 2016-17 has opened up the possibility of find larger hydrocarbon reserves in new Indian basins.
8Two discoveries MBS051NAA-2 and GKS101NCA-1 in NELP blocks in Kutch and Saurashtra Offshore have reinforced confidence to upgrade these basins to Category-I (Producing) basins through fast track monetization
8The SRI-1 discovery in the NELP block KG-OSN-2009/2 in offshore KG basin also provides the possibility of establishing a huge potential for syn-rift/deeper play in east coast shallow water.
8Then again, the Jabera-4 discovery established hydrocarbons for the first time in Vindhyan Basin and has given impetus for putting Vindhyan basin on hydrocarbon map of India.
8A significant highlight of initial inplace hydrocarbons accreted during the year 2016-17 has been that 87.3% of this was through exploratory drilling, while the remaining only 12.7% has been through reevaluation.
8The Reserve Replacement Ratio (RRR) for the year has been 1.49, against an MoU target of 1.40.
8While the opening up new basins is a commendable objective, it is the cost-economics of production from new discoveries which will eventually determine whether they can be monetized or not.
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