State-run Oil and Pure Gasoline Company wants to alter its orientation from processes to outcomes, and have new key efficiency indicators for higher effectivity, petroleum minister Hardeep Singh Puri mentioned on Saturday.
These indicators must deal with three necessary targets — undiscovered acreage into discovery fields; found fields into manufacturing property; and manufacturing property into most manufacturing property, the minister mentioned whereas rededicating ONGC’s drilling rig Sagar Samrat as a cell offshore manufacturing unit.
Positioned 145 km west of Mumbai, the Japan-built Sagar Samrat drilled ONGC’s first offshore effectively in 1974 at Bombay Excessive.
“ONGC possess a big sedimentary basin acreage, which is able to go up even additional within the coming days,” the minister mentioned. ONGC’s groups engaged in numerous processes of the three phases should reorient themselves for accelerated achievements of those targets, he added. Efforts have to be made to make ONGC “agile, expedient and environment friendly”, Puri mentioned, asking the agency to make investments in R&D and exploration actions.
“Authorities of India intends to extend India’s exploration acreage to 0.5 million sq km by 2025 and 1 million sq km by 2030,” he mentioned. The federal government has been profitable in lowering the no-go space by 99%, making accessible a further 1 million sq km of India’s unique financial zone for exploration. No-go areas are areas the place exploration actions are prohibited attributable to strategic causes.
“A number of MNCs like Chevron, ExxonMobil and Whole Energies are exhibiting eager curiosity to put money into the Indian E&P (exploration and manufacturing) phase, and a few are already in talks with ONGC for firming up mutually helpful partnerships,” he mentioned.
“India’s vitality demand is anticipated to develop at about 3% every year by 2040, in comparison with the worldwide fee of 1%. Additional, 25% of the worldwide vitality development between 2020 and 2040 goes to return from India attributable to our fast-growing economic system and demographic dividend,” he mentioned. Nevertheless, India imports 85% of its petroleum necessities and spent roughly $120 billion in 2021-22 to import of oil merchandise, he added.
India’s Amrit Kaal can’t be realised with out attaining vitality independence by 2047, he mentioned. Amrit Kaal is the title the federal government has given to the 25 years within the run-up to 2047, the centenary of India’s Independence.
Talking concerning the a number of steps taken by the federal government in the direction of vitality safety, the minister highlighted coverage reforms undertaken by it, such because the production-sharing contract regime, found small area coverage, the hydrocarbon exploration and licensing coverage and the establishing of a nationwide information repository.
“The federal government has additionally supplied purposeful freedom to NOCs (nationwide oil firms) like ONGC and wider non-public sector participation by streamlining approval processes together with an digital single window mechanism,” the minister mentioned.