ONGC to double reserve base

By Our Special Correspondent

NEW DELHI, JULY 12. The Oil and Natural Gas Corporation (ONGC) has formulated a two-pronged exploration strategy with a time horizon of 2001 to 2010. The first objective is to double the reserve base to the order of 12 billion tonnes oil equivalent and the second to raise the global recovery factor to 40 per cent or beyond.

This strategy was approved by the ONGC board at their first strategy meeting held recently. According to a company release, out of the 26 sedimentary basins in the country, besides three deep water basins, six are classified in the producing category. ONGC's exploration strategy covers detailed exploration of the basins, prioritised on prospectively using state-of-the-art technology.

This strategy will call for significant investments in view of the foray into prospectivity basins with associated incremental risks.

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Section  : Business
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