New Delhi: The oil ministry has intensified monitoring of oil and gas fields of state-owned firms like Oil and Natural Gas Corporation (ONGC) to avoid slippages in domestic output derailing the target of cutting import reliance by 10% by 2022. ONGC produced 86% of its 26.13 million tonnes of crude oil in 2016-17 fiscal from fields given to it on nomination basis. Natural gas production from nomination fields accounted for 93% of the total output of 25.34 billion cubic metres. “In India, the current recovery factors of ONGC and Oil India for crude oil are as low as 27% and 23%. In case of natural gas, it is 54% and 43% for ONGC and Oil India, respectively,” he had said.

Source: Mint July 16, 2017 07:30 UTC