Oil and gas major ONGC had serious differences with the upstream regulator over the authenticity of its KG basin finds.More than six months after ONGC announced its KG basin deep sea gas find, India''s largest exploration firm finally has some idea of how much gas lies below the waters of its KG basin block.
ONGC plans to produce 12 mmscmd gas from KG 98/2 block and the gas is expected to start flowing from 2012. Total reserves right now stand at 2 tcf as against earlier reports of 20 tcf.The numbers for ONGC''s KG find may seem quite disappointing given earlier estimates of around 20 tcf and when we compare them to Reliance''s mega find in the same area.Reliance''s estimates range between 35-50 tcf but ONGC''s management insists it is being a bit conservative given strict disclosure norms and hopes that the actual number will be much higher.
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