Ashok Varma, Executive Director (Asset Manager) Eastern Offshore Asset, said the oil and gas major has chalked out a programme to take up drilling of 40 to 45 wells by 2019.
The eastern offshore wing of the PSU has also sent proposals to hire four more rigs to meet the requirements. "With these two wells, the total production from the eastern offshore will be about two million cubic meters gas. These are gas fields. We get very little oil which is negligible. As of now we are getting 6.5 lakh cubic meters of gas and 50 cubic meters of oil from the eastern offshore wells per day," Varma told PTI.
The additional gas production expects to give a fillip to the company's topline as C Rangarajan's gas pricing formula is expected to come into force from April.
Barclays Equity Research had earlier estimated that the price will be USD 8.3 per million British thermal unit in 2014-15 as against the current rate of USD 4.2. This will rise to USD 9.1 in the following year and then to USD 9.4 in 2016-17.
Varma added that these two wells are located in G1 and S1 fields, which are situated around 28 km from the shore.
ONGC, which has 24 blocks in KG Basin, currently produces 840 tonnes of oil per day and 3.8 MMSCMD of gas from its onshore blocks, a senior official of ONGC had earlier said.
"After April or May, we expect the production to cross one MMSCMD and subsequently when the second well comes up for production in August or September it will go up to two MMSCMD," Varma said.
ONGC currently has ten exploratory drilling wells in the eastern offshore fields besides three operational wells (two oil producing wells and one deep water oil producing well).
On the future drilling plans, Varma said they have chalked out a programme to take up drilling in 40 to 45 wells by 2019.
"We have sent proposal for hiring four more rigs. The executive committee of the ONGC will take up the proposal sometime this month. All the 40 to 45 wells are located in KG Basin and they are of NELP and licensed blocks," he said.
The ONGC started gas supplies from G1 structure in the KG-Basin and currently supplies 0.5 MMSCMD of natural gas to existing gas power projects in Andhra Pradesh, the AP Government had said recently.
ONGC stock price
On January 22, 2014, at 14:15 hrs Oil and Natural Gas Corporation was quoting at Rs 286.00, down Rs 0.95, or 0.33 percent. The 52-week high of the share was Rs 353.55 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 22.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.86. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company is 1.97.
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