Synopsis
“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.
ONGC’s output has declined over the years, making it a target of criticism.
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.