Projected domestic and oil / gas production is insufficient to meet the projected demand : Petroluem Minister

Sarkaritel
By Sarkaritel August 11, 2014 23:34

Projected domestic and oil / gas production is insufficient to meet the projected demand : Petroluem Minister


dharmendra-pradhanNew Delhi; Aug 11 :  Oil and Gas Minister  Dharamendra Pradhan today said  the projected domestic and oil /gas production is insufficient to meet the projected demand.

Giving details of the projected demand for the next three  years, Pradhan said actual demand would peak in 2016-17 to 186.8 mmt whereas production would be much lower at 41.156 mmt , which means greater imports involving valuable foreign exchange.

Crude oil production would peak to just about 42.546 mmt in 2015-16 when demand would outstrip it with a call for 177.7 mmt.  Production of gas too during the said three years would e much lower than the demand.

The projected demand for crude oil and natural gas in the next three years in various sectors, is as under:

Year Projected demand of Gas (MMSCMD) Projected gas Production

(MMSCMD)

Projected demand of crude Oil (MMT) Projected crude Production (MMT)
2014-15 405 129 159.8 38.762
2015-16 446 139 177.7 42.546
2016-17 473 175 186.8 41.156

Pradhan told the Lok Sabha today that under the PSC regime, the hydrocarbon discoveries made are required to be developed in accordance with the timelines specified in the PSCs.

During the last three years (2011-12 to 2013-14) and the current year (2014-15, till date), a total of 40 discoveries (18 oil and 22 gas) have been made in onland and offshore areas by PSUs and Private/Foreign Companies. Out of the above, Declaration of Commerciality (DoC) proposals for 4 discoveries have so far been reviewed by the Management Committee (MC), resulting in accretion of 211 Million Barrels (MMBBLs) of oil and 3.54 Billion Cubic Meters (BCM) of gas In- Place Volume.  The corresponding recoverable reserves are to the tune of 27.8 MMBBLs of oil and 1.39 BCM of gas respectively. Other discoveries are in various stages of evaluation/appraisal.

Further, ONGC Videsh Limited is engaged in overseas E&P business to enhance the energy security of the country. ONGC Videsh presently has participation either directly or through its wholly owned subsidiaries/joint venture companies in 33 projects in 16 countries of which 11 projects are operated by ONGC Videsh, 7 projects are jointly operated and the remaining projects are operated by other private companies. Currently, ONGC Videsh has oil and gas production from 13 projects in 10 countries, namely  Russia, Syria, Vietnam, Colombia, Sudan, South Sudan, Venezuela, Brazil, Myanmar and Azerbaijan.

Sarkaritel
By Sarkaritel August 11, 2014 23:34

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