ONGC’s Assam Asset has registered an increase in crude oil production to 1.223 million tonnes during 2012-13 financial year against 1.202 mt in the previous fiscal.
Despite facing various constraints like ageing oil fields, depleting reservoir pressure, heavy monsoon etc, ONGC’s Assam Asset, the company’s oldest asset, has been able to meet its targets for the third consecutive year, Assam Asset Manager B.K. Baruah said at Nazira today.
In the gas segment too, the Assam Asset registered a production of 472.2 MSCM (million standard cubic meters per day), thereby surpassing its target of 452.6 MSCM.
“On the production front, our performance has been quite satisfying although we faced unprecedented monsoon and flood situation during the year,” Baruah added.
Drilling services has achieved 100 per cent target of operating 34 wells and this success can be attributed to continuous monitoring and pro-active measures taken during the year.
Perspective Plan-2030
Following the continued success, the Assam Asset would go ahead with the Perspective Plan-2030 which aims at a two-fold growth in production, three-fold growth in revenue and profit, four-fold growth in market capitalisation and six-fold growth in international production by 2030.
In order to achieve the target, the Assam Asset has taken various steps like proper planning and timely resource mobilisation, reprioritisation of development drilling, adopting prudent reservoir management practices and judicious review of field production performances.