ONGC invests RS 24,890 crore for oil, gas field

“We have taken up 10 major projects for development and one project for additional development of D-1 field with estimated investment of Rs 24,890 crore,” ONGC Chairman & Managing Director A K Hazarika told shareholders here.

The fields under development are: C-Series, B-22 cluster, B-193 cluster, B-46 cluster, North Tapti gas field, Cluster-7, BHE & BH-35, WO-16 cluster, G-1 & GS-15 and SB-14. “These fields are expected to be on stream by 2013-14.”

ONGC output has dipped to about 24 million tonnes (MT) and the marginal fields will help it reach past glory of 28 MT. He said production from Krishna Godavari basin GS-15 field will commence by mid-September. ONGC will commission two large petrochemicals projects in next two years. The petrochem project at Dahej in Gujarat, being developed by ONGC Petro-additions Ltd (OPAL), will be commissioned in 2012 and another by ONGC Mangalore Petrochemicals Ltd in 2013, Hazarika said.

Hazarika said during the year the company achieved the highest ever production of 62.05 MT of oil and oil-equivalent gas from domestic and overseas assets. Also, production from overseas assets at 9.45 MT of oil and oil equivalent gas was also highest ever.

Reserve accretion at 83.56 MT was the highest in last two decades from domestic acreages.

ONGC, he said, had shelled out a record Rs 24,892 crore in fuel subsidy in 2010-11. “The upstream companies had to share subsidy burden by 38.8 per cent, instead of past practices of 33.3 per cent. Out of that ONGC had to share 82 per cent.”

Upstream firms like ONGC are asked to foot at least one- third of the revenues that fuel retailers lose on selling diesel, domestic LPG and kerosene below cost.

Also, the first unit of 363.3x2 MW gas-based power plant at Palatana, Tripura by ONGC Tripura Power Co Ltd (OTPC) would be commissioned in February, 2012 and the second unit in August, 2012.

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