(FE)
Reversing a fall in the number of exploratory wells being drilled, state-run ONGC expects an increment in the number this financial year compared with last year. “Almost 7-8 wells will increase this year compared with last year. Till February, 86 wells have already been drilled and we expect another 11 to be completed by the end of this month (March),” said an ONGC executive requesting anonymity.
Last financial year, the national oil company drilled 91 exploratory wells.According to a government official who did not want to be named, the reason for fall in production of ONGC is low productivity and the number of wells that it drills per annum is not adequate. The sustained trend has also prompted the government to put more projects of ONGC under production enhancement contracts.
