2. OIL & GAS INDUSTRY OVERVIEW Oil and Gas Industry in India is a 110 billion USD industry The Indian oil & gas demand ranks it sixth in the world Nearly 70% of the petroleum oil requirements of India are met by the imports. To tackle this, large-scale oil and gas exploration and drilling is being undertaken.
3. A rapid increase is also seen in the demand of oil & gas exploration and drilling equipment and services The oil & gas fields both onshore and offshore provides mass employment opportunities also contribute in a wholesome way in increasing the oil & gas reserves of India.
4. ONGC Oil and Natural Gas Corporation Limited ( ONGC India) is considered Asia's best Oil & Gas company It ranks as the 2nd biggest E&P company (and 1st in terms of profits), as per the Platts Energy Business Technology (EBT) Survey 2004. It ranks 24th among Global Energy Companies by Market Capitalization in PFC Energy 50 (December 2004). ONGC was ranked 17th till March 2004
5. ACTIVITIES Cumulatively producing 685 Million Metric Tonnes (MMT) of crude and 375 Billion Cubic Meters (BCM) of Natural Gas, from 115 fields. Represents India's Energy Security The development activities of ONGC has been planned on sound ecological principle and incorporates appropriate environmental safeguards.
6. EXPLORATION AT COHIN? The Oil and Natural Gas Corporation started drilling operations in the Kerala-Konkan basin off Kochi ONGC is engaged in exploratory activities in the Kerala-Konkan offshore since 1977 and over this period 12 exploratory wells have been drilled in the basin ONGC had identified the area as Cochin Offshore, which is 70 nautical miles from the Cochin coast
7. ONGC has plans to start ultra deep drilling in a nearby location and the details of the project will be worked out based on the outcome of the present exploration It was in December 2008 that presence of hydrocarbons in the area became clear and the corporation started serious discovery efforts
8. Action plan ONGC plans to carry out exploration activities to a depth of 6,500 metres, making it the first time that ultra deep explorations are being carried out in the region. early results of the ultra deep oil exploration would be available in 100 days. The exploration under way required Rs.400 crore at an average of Rs.4 crore a day it would take six-seven years to begin commercial production
9. challenges a commercial hydrocarbon strike remains elusive in spite of few wells giving hydrocarbon indications. Nine of the 12 wells are in the shallow water, where exploration activities do not go beyond a depth of 400 metres in the first phase, drilling operations will be carried out to a depth of 2,080 metres and this process is expected to be completed with in a month.
10. In the first stage, ONGC engaged a rig that could drill up to 1,000 metres. But as the basin had rocks below the sea, a more powerful rig was needed. The rig from Reliance that could drill up to 6,000 metres. It is now positioned around 120 nautical miles off the Kochi coast.
11. conclusion According to scientists, the geological samples obtained under the sea matched seismic and geo-chemical studies and the chemical study results stand positive for further drilling. Most of the preliminary exploratory drilling confirmed the presence of hydro-carbon, carbohydrate and other chemicals. Experts say it is a major leap for oil and gas exploration in the country as the basin might be an abundant source of oil and natural gas.
