ONGC seeks market freedom to open India’s 8th sedimentary basin
Except for the Assam shelf, ONGC opened up for commercial production all the other six basins, including Cambay, Mumbai Offshore, Rajasthan, Krishna Godavari, Cauvery and Assam-Arakan Fold Belt.
State-owned Oil and Natural Gas Corp (ONGC) has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery that will open up a new sedimentary basin after over three decades. ONGC, which has opened for commercial production six out of India’s seven producing basins, has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day, a senior company official said.
This will open up the country’s eighth sedimentary basin – the first in over three decades – for oil and gas production in two years. “We can bring to production the find in 2-3 years time,” he said. ONGC reviewed the project with Oil Minister Dharmendra Pradhan last week and set out conditions that will help monetise the gas reserves.
Credit: indianexpress.com