ONGC aims to invest Rs 5,050 cr in Tripura

 In what can be attributed as the first major step towards making the North-East as the hydrocarbon hub of the country, ONGC has taken a policy decision to invest Rs 5,050 crore in Tripura. 

This decision comes within days after Union Petroleum Minister Dharmendra Pradhan released the Hydrocarbon Vision 2030 for the North-East which aims at making the region as a dominant Hydrocarbon Hub at the forefront of India’s energy economy.

“In line with this vision, the ONGC management has put its first foot forward and approved an additional investment of Rs 3,104 crore for drilling of wells and creation of surface facilities to produce 5.1 MMSCMD gas from Tripura gas fields at the board meeting held in New Delhi. Earlier in 2008, the ONGC board has already approved an investment of Rs 1,946 core for the same and the total approved investment in Tripura will be Rs 5,050 crore,” ONGC said in a statement.

As a result of geological mapping and exploratory efforts, so far 11 gas fields have been discovered by ONGC in Tripura. The aim is to produce and supply total gas 5.1 MMSCMD to various consumers for another 15-20 years,. Currently, ONGC Tripura Asset is carrying out its drilling activities with three owned rigs under operation and well servicing operations through two work-over rigs.