MC EXCLUSIVE ONGC yet to engage foreign player in KG Basin block to ramp up production to 45,000 bpd

State-run Oil and Natural Gas Corporation (ONGC) is yet to engage a foreign player to ramp up production and reach the peak production target of 45,000 barrels per day (bpd) of oil from its deep-water block in the Krishna-Godavari Basin, a senior company official told Moneycontrol.

The company is open to partnerships or technical collaborations for further development of its KG-98/2 block as output there has remained steady at 34,000 bpd, the official added.

“Oil production from the block is at 34,000 barrels per day (bpd), as against projected peak production of 45,000 bpd. ONGC is in process of scouting further technologies to enhance reservoir management practices which may realise production target of 40,000-45,000 bopd in future,” the official said.

With respect to ONGC being unable to reach the peak target of 45,000 bpd by the earlier deadline of December 2024, the official said uncertainties in hydrocarbon exploration in such difficult areas such as deep-water wells are common.