Oil exploration major Oil and Natural Gas Corporation has announced in a statement to the stock exchanges that it holds an estimated 961.26 million tonnes of oil equivalents(MMtoe), 1,426.26 MMtoe and 1,688.29 MMtoe of 1P, 2P and 3P crude oil and natural gas reserves across the world as on April 1 2011.
1P reserves are proven reserves, 2P are proven and probable reserves, and 3P are proven, probable and possible reserves.
Of this, 758.36 MMtoe, 1,024.74 MMtoe and 1,253.28 MMtoe of 1P, 2P and 3P oil and gas reserves are in India. ONGC Videsh Limited (OVL), its wholly owned subsidiary, holds 202.91 MMtoe, 401.52 MMtoe, 435 MMtoe of 1P, 2P and 3P oil and gas reserves elsewhere in the world.
OVL has blocks in Russia, Sudan, Syria, Brazil, Colombia, Venezuela and Myanmar.
ONGC has also commissioned an independent audit of its reserves — barring uncertified domestic reserves, its share in the domestic joint ventures and OVL's Sudan oil fields.
The audit was conducted by independent reserves consultants — Gaffney Cline & Associates, DeGolyer & MacNaughton and Sproule International — for ONGC's estimates of 827.25 MMtoe, 1,211.54 MMtoe and 1,408.38 MMtoe of 1P, 2P and 3P oil and gas reserves.
The independent estimates said ONGC's reserves stood at 729.03 MMtoe, 1,225.14 MMtoe and 1,765.32 MMtoe of 1P, 2P and 3P oil and gas reserves for the audited portion.
ONGC estimates its oil and gas reserves annually as on April 1. These estimates are approved by the company's reserves estimates committee which consists of basin managers, asset managers, heads of exploration institutes and other relevant invitees of the management team.