"Our major oil and gas producing fields are ageing and showing natural decline," ONGC Chairman and Managing Director Dinesh K Sarraf told shareholders at company's annual general meeting (AGM).
However, ONGC has taken measures to arrest this trend and uphold production from such fields, he said.
Oil and Natural Gas Corp (ONGC) has deployed the best-in-class technologies in its Improved Oil Recovery (IOR) and Enhanced Oil Recovery (EOR) schemes on these fields.
"Our efforts have paid off well – with 7.46 million tonnes in FY'14 alone, which is about 33 per cent of ONGC's domestic crude production. Thus, till FY'14, a cumulative incremental gain of 87.41 million tonnes has been achieved," he said, adding a total of Rs 41,316 crore capex has been planned for such interventions across 24 projects, out of which 19 have already been completed.
Stating that ONGC was committed to expeditiously develop its oil and gas reserves, he said out of 15 prospective projects taken up for development, 7 projects are already complete and 8 are under various stages of implementation.
Some of these projects like C-24, B-22 Cluster, SB-14, B-46, BHE & BH-35, North Tapti, C-Series and D-1 are already on stream and producing.
"These projects, with an estimated capital outlay of over Rs 40,573.7 crore, are geared up to produce additional 45.66 million tonnes of crude oil and 67.44 billion cubic meters of natural gas," he said.
Sarraf said ONGC was focused on development of Daman gas fields in western offshore and oil and gas discoveries in KG-DWN-98/2 or KG-D5 block, which sits next to Reliance Industries' eastern offshore KG-D6 area.
"Development of Daman, a cluster of several discoveries in western offshore, has already been approved by the Board with an investment of Rs 5,219 crore, envisaging peak production of about 8.5 million standard cubic meters per day and start-up of production by July, 2016. All out efforts are also being made to ensure production from KG-DWN-98/2 by 2018," he said.
During 2013-14, 84.99 million tonnes of oil and oil equivalent gas reserves were accreted, the highest in last 23 years.
Also, ONGC achieved a Reserve Replacement Ratio (RRR) of 1.87. This is the 9th consecutive year that your Company has achieved RRR more than one.

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