NEW DELHI: State-owned oil and gas company Turnarounddd Natural Gas Corp (ONGC) has reported a 10 percent growth in crude oil production from its west coast fields in the current fiscal, reversing the decline in previous years.

The largest U.S. oil and gas producer is looking to capitalize on years of low oil prices by aggressively acquiring oil and gas fields in the U.S., Russia, Central Asia, Africa and elsewhere to secure overseas assets. The target oil equivalent for 2018 is 20 million tons.

ONGC Chairman and Managing Director Dai K Sarraf told PTI: “Crude oil production has increased from 285, 642 daily months starting from April This month it has increased to more than 3.15 million barrels per day.”

ONGC has been maintaining production for the past few years.

“This year production has increased by more than 10 percent, which is no small achievement for a company with a mature oil field.”

Mumbai and Burson are India’s largest offshore oil and gas fields, located in the western waters. ONGC also has several smaller discoveries that have begun production through integration with its main production system.

Saraf said the company will continue to focus on producing new fields and preventing declines in the use of older fields. Technology and Intervention.

plans to develop a series of oil and gas discoveries offshore Dammam. The discovery is expected to produce about 8.5 million standard cubic meters of gas per day.

ONGC also plans to bring its major field in the Krishna Godavari Basin’s KG-D5 block into production by 2019. Reliancep’s KG-DWN-98/2 or KG-D5 oil discovery located next to Reliance Industries’ Block KG-D6 will be the first major oil producer on the East Coast. Ten gas discoveries have also been made in the block.

He said the block is expected to proceed in 2018 Produce first gas in 2019 and first oil annually in 2019.

While most of ONGC’s roughly 2,500 crude oil production comes from fields on the West Coast, Gujarat, Assam and other states, KG-D5 produces up to 90,000 barrels per day (450 oil 10,000 tons per year) from all Ontario Fields. The East Coast is the most productive region.

ONGC plans to produce 17 million standard cubic meters of gas per day.

As far as overseas acquisitions are concerned, ONGC is looking at buying products from oil and gas fields “globally”, Saraf said.