Kolkata: PSU oil major ONGC completed its exploration work at the Ashoknagar oil block in North 24 Parganas and entering into its development phase. The upstream oil giant is optimistic that it can get a big dividend from its Bengal basin in five years. On the sidelines of Ficci Gas Conclave, the CGM (production) of ONGC, Shyamal Bose, told reporters that the oil major is preparing for seven development wells in the said area.
According to him, the first three wells in that area — Ashok Nagar I, Ashok Nagar II and Kanakpool — were exploratory wells. “We have so far monetised oil only from Ashok Nagar I. This has produced 290 metric tonne of crude oil so far.”
Bose pointed out of seven development wells, three will be for gas and four for oil. “ONGC will start preparing field development plan in two months for the seven development wells.
