Sources told FE that crude oil output from onshore fields of ONGC are likely to hover at 5.8 million tonne (MT) in FY16, 5% lower than the target for the year. Similarly, gas output from on-land fields are likely to touch 4.7 billion cubic metres (bcm), nearly 12% below the target of 5.36 bcm in the current fiscal year.

Replying to a query from Lalrinawma of the Mizo National Front (MNF), Rohluna said that the Oil exploration companies have been conducting tests on the gas found while drilling and hydro-fracturing have been conducted to find out whether more deposits were available.

“The investment will be made over a period of 3-4 years to bring Cluster 2A and 2B into production. At peak production in 2023, the field will contribute 15 per cent of oil and 25 per cent of our gas output," ONGC Chairman D K Sarraf said after the board meeting in New Delhi.

OVL, the overseas arm of the state explorer Oil and Natural Gas Corp (ONGC), had in September last year signed an agreement to buy 15% stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia.

The committee has been asked to submit by July 31 its report on "acts of omission and commission" as well as compensation to ONGC, an oil ministry official said.

Under the terms of the tie-up being discussed, firms such as

In one of the deals, IOC, OIL and BPRL would acquire up to 30% stake in the Taas-Yuryakh oil and gas fields in East Siberia, an official privy to the development told FE.

Petroleum minister Dharmendra Pradhan said that the government has decided to give the assets to ONGC on nomination basis, so that they can start production.

The Ratna and R-series oil fields, 130-km off the Mumbai coast, hold an estimated 87 million barrels of oil and 1.2 billion cubic metres of gas reserves.