ONGC Board approves investment of Rs 82,670 cr
The company plans to produce over 140 million tonnes of crude oil during the XI Plan.
By PTI |
NEW DELHI: State-owned Oil and Natural Gas Corp on Thursday its board has approved an investment of Rs 82,670 crore during the XIth Plan Period (2007-12) to produce 7.7 per cent more oil and also cleared petrochemical and power projects worth Rs 20,540 crore.
ONGC Board approved revised capex outlay of Rs 16,522 crore for 2006-07 against the approved Budget Estimate of Rs 14,354 crore. The capital outlay for 2007-08 has been further increased to Rs 18,359 crore, a company release said.
"The increase is mainly due to increased expenditure on exploration (both survey and drilling) and also larger number of schemes," it said.
The company plans to produce over 140 million tonnes of crude oil during the XI Plan, an increase of 10 MT over the X Plan.
ONGC has proposed to develop marginal fields in Western Offshore Basin besides targeting commercially production of Coal Bed Methane (CBM) gas and gas from Underground Coal Gasification (UCG) projects.
The XI Plan projection for Reserve Replacement Ratio for the Exploration and Production (E&P) company is more than 1.
Following up on its earlier approval to implement a global scale petrochemicals complex within Dahej SEZ through a SPV company, the ONGC Board approved the incorporation of the SPV of Dahej Petrochemicals Complex.
The company - named as ONGC Petro-additions Ltd (OPaL) -- will have 26 per cent equity participation of ONGC, 5 per cent by GSPC and balance by strategic investors and financial institutions.
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