ONGC is planning to open up three more sedimentary basins for commercial oil and gas exploration in India.
In his address at the GEO India 2018 conference, Ajay Kumar Dwivedi, Director (Exploration), said, “the seventh basin was opened way back in 1985. We are looking at adding three more basins in next five years.”
However, he said that these basins can be monetised only if there a relaxation in the present fiscal regime and a higher gas price is allowed.
The top official added: “The present gas price is a challenge for exploration.” The state-run player had till now opened six out of India’s seven producing basins for commercial production.
An ONGC statement had said earlier this year that the company has started the process of adding the Kutch offshore basin. This will be the eighth basin to be added.
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