State-owned oil exploration major — Oil & Natural Gas Corporation Limited (ONGC) — plans to make an investment of Rs 1,21,318 crore during Eleventh Plan (2007-2012).
“We have drawn up an investment plan of Rs 1,21,318 crore during next five years compared to Rs 75,380 crore we invested during tenth plan (2002-2007),” ONGC Chairman & Managing Director R S Sharma told reporters while announcing the financial results.
Major chunk of investment will go towards exploration and production and acquiring oil and gas assets abroad, he said.
Apart from our core business of oil and gas exploration we are fast diversifying into downstream ventures. We are working various future projects. These are being evaluated,” he said.  Mr Sharma said ONGC recorded a turnover of Rs 56,904 crore during 2006-07 recording a rise of 18 per cent. It posted a net profit of Rs 15,643 crore — 8 per cent up from Rs 14,431 crore in 2005-06.