ONGC likely to have 20 pc stake in Mozambique

Last Updated 18 March 2013, 21:17 IST

ONGC Chairman Sudheer Vasudeva has said that  the ONGC will make a bid for a 20 per cent stake in a Mozambique oil and gas field. The BPCL already has 10 per cent stake and Mitsui has 20 per cent stake in Mozambique.

Speaking at the signing of MoU with NMPT by the ONGC- BPCL-Mitsui for setting up of LNG regasification terminal here on Monday, he said that for East Africa, India is a natural market for gas.

The yardstick for the country’s development is measured in terms of energy consumption.
He said that India is the 13th largest consumer of gas in the world.

 “Our consumption of gas is increasing rapidly over the years. By 2032, the oil consumption will increase from 166 million tonne per annum (MTPM) to 486 MTPM.

Similarly, the gas consumption will increase to 197 MTPM from 44 MTPM. He said that the ONGC caters to 71 per cent of the oil production and 54 per cent of the gas production in the country.

LNG terminal by 2017-18

Union Minister for Petroleum and Natural Gas M Veerappa Moily said that the LNG regasification terminal will be ready by 2017-18.

The Gas Authority of India Ltd (GAIL) has already commissioned Dabhol-Bangalore gas pipeline. Now, GAIL was contemplating to lay another byline to the main pipeline at Chitradurga.

 “The Chief Minister of Karnataka has also appealed to increase the network to provide connectivity to Hubli-Dharwad. We will work towards it. With the completion of Kochi-Mangalore and Mangalore-Bangalore gas pipeline and Kochi-Devanagundi petroleum product pipeline, it will open a gateway to prosperity and wealth creation. A CNG terminal will come up in Bangalore,” the Minister added. 

BPCL Chairman R K Singh said that with the completion of the LNG regasification terminal, Karnataka will have access to cheaper and greener energy which are essential for the development of a country.

Mangalore has a strategic advantage of readily available all-season operating port with favourable marine conditions and proximity to existing and upcoming global supply sources of LNG. NMPT Chairman P Tamilvanan said that the NMPT handles 2.08 million tonnes of LPG. It was handling one million tonnes of LPG six years ago.

Mitsui Chairman Suzuki, Chief Minister Jagadish Shettar, MPs Jayaprakash Hegde, Nalin Kumar Kateel, Rajya Sabha member Oscar Fernandes and others were present.
DH News Service

(Published 18 March 2013, 21:17 IST)

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