India’s Oil and Natural Gas Corporation Ltd (ONGC) has drilled 503 wells in 2017-18, which is the very best variety of wells drilled in final 27 years and plans to drill as much as 535 wells this 12 months.
Among the 503 wells, 119 exploratory and 384 improvement wells had been drilled. In order to evaluate the prospectivity of present acreages in a time-bound method and add to the corporate’s reserve base, extra focus was laid on exploratory drilling.
During FY’18, ONGC plans to drill 496 wells together with 110 exploratory and 386 improvement wells. The initiatives taken by the corporate to optimize price and improve operational efficiencies has yielded further financial savings within the fiscal 12 months ended March 31, 2018.
This is the second consecutive 12 months that ONGC has drilled over 500 wells. Last 12 months, the corporate drilled 501 wells. This comes at a occasions when the corporate is seeking to step up home output consistent with the clarion name given by Hon’ble Prime Minister to cut back 10 % import dependence by 2022.
Speaking in regards to the achievement, Mr Shashi Shanker, CMD ONGC stated, “We have taken measures to enhance our operational effectivity by higher nicely designs, inducting new applied sciences, enhancing cycle-speed, standardization of nicely testing procedures and minimizing idling interval of rigs”.
What’s extra exceptional is that among the many 119 exploratory wells drilled, eight had been within the deep-water fields in opposition to preliminary goal of 6 and 45 in shallow-water fields in opposition to goal of 38.
In order to have a extra centered method in drilling operations, a brand new idea ‘Company inside Company’ was rolled out in Mumbai High (MH) Asset to result in operational effectivity in offshore drilling operations. “The plan has already paid wealthy dividends as MH Asset achieved highest-ever cycle and business speeds”, Mr Shanker stated.
This 12 months there’s a important upside within the variety of deepwater improvement wells deliberate by the corporate. The firm has set an formidable goal to drill 535 wells, of which 24 are deep-water improvement wells as a part of Cluster-2 improvement of KG-DWN-98/2 venture, off the East-Coast of India. The firm can also be set to drill 30 wells as a part of its CBM improvement venture.
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