India Business
ONGC to invest Rs.100 bn for exploration in northeast
May 14, 2007 - 4:37:49 PM

Agartala, May 14 - The state-owned Oil and Natural Gas Corporation - Monday said it would invest more than Rs.100 billion in four northeastern states - Assam, Nagaland, Tripura and Mizoram - for exploration of gas and oil.

'ONGC would like to be part of the socio-economic development of the northeastern region which has vast untapped natural resources,' R.S. Sharma, chairman-cum-managing director of ONGC, told journalists.

Sharma along with senior ONGC officials are in Tripura to review the exploration activities in the region. 'Though militancy is affecting the works of ONGC we would continue to work for the betterment of the region and nation,' he said.

The ONGC official said the corporation has far made over 330 oil and gas discoveries, explored 660 million tonnes of crude and 350 billion cubic metres of natural gas from six out of the seven producing basins in India.

The ONGC Videsh Limited - has 26 projects in 16 countries, including north America, Russia, Brazil, Iraq and Iran.

'For the giant 740 MW thermal power project in south Tripura's Palatana, five national and international companies, including Bharat Heavy Electricals Limited - have shown interest to commission the Rs.50 billion project,' Sharma added.

The company had earlier floated global tenders for the project, a co-generation waste heat recovery power plant and ONGC's first major commercial project. It is expected to be operational by 2011.

Earlier, ONGC approved Rs.18.17 billion for augmentation of gas production in Tripura to feed the proposed power plant.

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