OIL & GAS

RIL-BP and ONGC to push India’s gas output to 52% by 2024

As Reliance Industries Ltd-BP and state-owned Oil and Natural Gas Corporation (ONGC) raise output from the KG basin fields, India’s natural gas production is projected to jump by 52% to 122 million standard cubic meters (mmscmd) per day by 2024.

Natural gas production in 2019-20 was 85 mmscmd, which is estimated to have fallen to 80 mmscmd in the following year, HDFC Securities said in a report.

The output is projected to rise in the current fiscal that started on April 1 to 93 mmscmd, 107 mmscmd in the following year and 122 mmscmd in 2023-24, according to the brokerage.

HDFC Securities said the KGD6 consortium has sought bids from customers as it intends to sell an additional 5.5 mmscmd of gas from the Krishna Godavari (KG) Basin block, off the eastern coast of India.

The additional gas will be available for sale at the delivery point at Gadimoga, near Kakinada, tentatively from the last week of April or early May 2021.

ONGC has also floated the tender for prospective buyers to bid for gas supplies from its KG-DWN-98/2 field in the KG Basin offshore.

Source
Livemint
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