ONGC crude oil output to peak in 2006-07
ONGC's crude oil production is expected to peak in the next three years. According to one estimate, the company's crude oil production is likely to touch 29.5 million tonnes by the year 2006-07. The company's crude oil output was 26 mt in 2002-03. It is expected to touch 27.5 mt during the current year. Production from its Mumbai High field is estimated at 12.5 mt and from Heera-Neelam fields 4.2 mt in 2003-2004.
ONGC's Bassein satellite field is estimated to produce 0.36 million tonnes of crude oil in its first year of operations in 2005-2006 and could reach 2.1 million tonnes in 2006-2007.
After touching its peak production in 2006-07, crude oil production is expected to decline gradually thereafter to 12 mt in 2016-2017 unless it discovers new oil fields.
ONGC crude oil output to peak in 2006-07
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