Director (Exploration) flags opportunities & strategy for exploration: Oil & Gas World IE 2021

Underlining the need to enhance production, ONGC Director (Exploration) Rajesh Kumar Srivastava presented the opportunities and strategy for exploration on Day 2 of Oil and Gas World IE 2021 convention, being organized from 25 – 27 October 2021. The convention, being attended by professionals from the oil and gas industry, aims to facilitate innovative and useful ideas through rich discussions and interactions that can be readily implemented on ground to help the industry address various challenges.

Director (Exploration) RK Srivastava delivering keynote address
Director (Exploration) RK Srivastava delivering keynote address

Delivering the keynote address, Mr Srivastava welcomed all the participants on the day 2 of the three-day convention. The Director delivered a presentation on ‘Expanding Exploration: Charting New Horizons’ and discussed energy outlook, exploration opportunities, strategies, challenges, thrust areas and required technological interventions to enhance the domestic production of oil and gas. He said that emerging facts indicate that fossil fuels will remain relevant in Indian context for a long time. Noting that ONGC is embarking on an aggressive development journey, he said that the Energy Maharatna has an ambitious expansion program, under which it aims to further its long-term drilling success rate of 42 – 46 per cent.

Talking about the energy outlook, Director (Exploration) said that the global energy demand is expected to reach around 18 billion tons of oil equivalent (toe) by 2040, while the energy demand of India is expected to double during the same period at a strong compound annual growth rate (CAGR) of 3 – 4 per cent. He said that India has significant prospective reserves and added that there are many exploration opportunities despite the transition scenario. “Even the Category 1 Basins, which are mature, still have tremendous potential,” Mr Srivastava said.

The Director talked about the opportunity basket and delved into details about each of them including availability of open acreage in all Basin categories, YTF resources – high YTF potential and need for more data for better assessment for future growth. He discussed various exploration initiatives including global outreach program and forming strategic partnership with global major players to fuel exploration activities in India. He also talked about small PELs for parametric wells in Category 2 and 3 Basins and said that volcanic basin margin study can be explored with the help of domain experts.

Presentation by Director (Exploration)
Presentation by Director (Exploration)

The Director said that a multi-pronged approach is being followed to enhance domestic production to cater to the growing energy needs of the country. He discussed a six pronged production enhancement strategy -- play-based exploration, consolidation of new play, opening new areas, HP-HT and difficult plays, collaboration for exploration outreach and ML & AI.

Establishing the importance of technology intervention in oil and gas business, Mr Srivastava said that technology has been the driver taking the industry to the next level. He said that technology intervention to improve understanding, improve imaging and for missed opportunity realization needs to be inducted. He said new systems, more efficient technology and processes are the need of the hour. He shed light on various new technologies, processes and initiatives in his presentation including Airborne hydrocarbon sensing system (AHSS), Seisnetic, advanced remote sensing and spatial modeling with ERDAS Imaging, AI/ML-based interpretation and Reservoir Management through Tachyus.

Professionals from Oil and Gas Sector attended the event
Professionals from Oil and Gas Sector attended the event

Experts from other oil and gas companies also shared their knowledge during the session. Other experts scheduled to speak on the occasion were ONGC Videsh MD & CEO Alok Kumar Gupta, PWC Strategy Partner Girish Shirodkar, Eunoia Process Consultants Principal Consultant Abhilash Baruah, SurasOl Inc DWC LLC Dubai Promoter & MD Subha Sen, Reliance Industries Ltd Lead Drilling Engineer Rohan Iyer, Baker Hughes India Region Leader Neeraj Sethi, ONGC DGM (Geophy - Wells) & In-charge Interpretation Well Logging Service DR Sharma and HLS Asia Ltd Head (FRE) Sandeep Ramakrishna.