‘ONGC’s reserves enough to match last 25-year output’

Oil & Natural Gas Corp. has enough reserves to produce as much as its cumulative output of the past 25 years, a company executive said.

ONGC’s proven and probable (2P) reserves have risen to 1,160 million metric tonnes of oil equivalent (mmtoe) following new discoveries. It produced a cumulative 1,175 mmtoe since 1995, when it had reserves of 1,114 mmtoe.

“We have cumulatively produced more than the reserves we had in 1995 and still maintain a similar 2P level. This could have been impossible without making some meaningful discoveries in this period,” the executive said, requesting anonymity.

The new discoveries were found close to existing fields and in many cases, the existing infrastructure could be used to produce oil or gas from them, the executive said.