Assam Assets surpasses its targets

GUWAHATI: Oil and Natural gas Corporation Limited (Assam Assets) has announced that it has surpassed all targets in the first quarter of the current fiscal after over achieving the MoU goal of oil and natural gas production in the last financial year that has remained elusive for the last 25 years. Assam Assets manager BK Baruah said it is the achievement of the entire team which has worked relentlessly to achieve the targets which, at times, seemed impossible. "However, we have to understand that we have greater challenges ahead because of the monsoon. So, we have to prepare ourselves accordingly with a foolproof production plan during the monsoon season to accomplish our target in this quarter as well," he said. He added, "After a long time, we have tasted success which remained elusive for years. Let it not wither away as we go forward with our mission of bringing our past glory back to Assam Assets' crown. And for this, we need very calculated moves and a multidisciplinary team concept." A spokesman of the company said Assam Assets, which is one of the oldest assets in ONGC with a very high rate of reserves depletion, has been able to surpass all targets in the first quarter of the current fiscal except for gas sales which suffered a minor setback due to the lack of consumers. During the first quarter, oil production has been overachieved at 105.2 per cent (0.302 million metric tone) against the planned output of 0.287 MMT. Similarly, gas production rose by 102 per cent at 118.29 million metric standard cubic meters (MMSCM) against the planned production of 115.96 MMSCM. The spokesman said, "But what remains most significant is the performance of the drilling services which has surpassed its target at 120 per cent. While the planned target was for five wells, the actual number of wells drilled stood at six." Apart from its quest for excellence in the field of petroleum production, Assam Assets is not lagging behind in its social commitment. It has adopted the policy of inclusive growth as a responsible corporate citizen and played an important role in strengthening the fabrics of society with meaningful contributions in welfare and sustainable development activities involving all stakeholders, the spokesman added.