Breaking News
OIL
Representative image
Top Headlines

Oil India Ltd (OIL) Survey Explores hidden Reserves in Northeastern Region

* Brahmaputra riverbed to be scanned

STAFF REPORTER

GUWAHATI, Aug 5: Oil India Ltd (OIL), an Upper Assam-based exploration and production giant, will bank heavily on the outcome of the Centre’s ongoing geophysical survey of the Northeast to take up its futuristic plans including possible exploration of oil and gas from the mighty Brahmaputra’s riverbed.

The Northeast has a massive quantum of hidden hydro carbon resources and the Union Ministry of Petroleum and Natural Gas has already entrusted the OIL with the responsibility of carrying out a mega geophysical survey of the Northeast under the National Seismic Programme (NSP) to locate such hydrocarbon resources in the region. Under the NSP, the OIL is currently carrying out a survey for oil and gas from unapprised locations in Assam, Mizoram, Manipur, Arunachal Pradesh and Tripura. The riverbed of the Brahmaputra in Assam will also be surveyed under the NSP.

“Even though security concerns have come in the way of carrying out the geophysical survey in a few of the North Eastern States, the survey is progressing well in rest of the region. Once the survey is completed a huge database will be created about hidden and untapped hydrocarbon resources in the region. OIL will take help of such database to take decisions on its futuristic exploration plans,” Chairman & Managing Director of OIL Utpal Bora told this reporter on Saturday.

The survey expected to be completed by 2019 will give clear indications of hydrocarbon reserves in the north-eastern region will be known once the survey is completed. The survey will help us to go for aggressive exploration of oil and gas, Bora said.

Regarding the new discoveries of OIL, Bora said that the company has been awarded nine new blocks in India, which includes seven blocks in the Northeast and one each in Rajasthan and Krishna Godavari (KG) basin. He said that the Oil has recorded an impressive growth of 72.27 per cent in terms of production in the 2017-18 with a turnover of Rs 2,667.93 crore compared to 2016-17 which was Rs 1,548.68 crore.

Bora said the turnaround of crude oil production was achieved despite the fact that majority of the oilfields under his company are 50 to 60 years old and almost reached the saturation point. Besides dedication and sincerity of all employees of the company, Bora attributed use of innovative technologies to rise in crude production. Enhanced Oil Recovery (EOR) methodology to extract more oil from ageing fields to enhance production of crude is also being planned, he said.