Vol 3, PW 6 (14 Apr 99) News in Brief

Figures in an MOU signed on 31 March between ONGC chief Bikash Bora and TS Vijayaraghavan, Secretary, MPNG, are a stark admission of Indias declining oil reserves.

In the MOU, ONGC is set a target of 25.80m tonnes of crude production for financial year April 1999 to April 2000. This compares starkly with actual ONGC production of 28.35m tonnes in 1997-98 and production of 26.1m tonnes in 1998-99.

The MOU also sets a target of 18.16bn cubic metres of gas sales in 1999-2000. Actual gas sales in 1997-98 was 18.62bn cm and in 1998-2000 18.41bn cm.