ONGC to explore new frontiers for more oil and gas
In its 50th year of existence, Oil and Natural Gas Corporation has set the task for exploring new frontiers and finding more oil and gas for the country's energy security.
By PTI |
DEHRADUN: In its 50th year of existence, Oil and Natural Gas Corporation has set the task for exploring new frontiers and finding more oil and gas for the country's energy security.
"It (ONGC) needs to take on new challenges in exploring new frontiers and opening up new hydrocrabon provinces," Petroleum Minister Murli Deora said at the Golden Jubilee Celebrations of the company here.
"The next 50 years of ONGC hold more challenges than it had so far, as a majority of new finds are to be made out of the geologically difficult areas," calling for substantive investment of finances and knowledge, he said.
"ONGC has already taken the lead in that direction, with efforts like its deep water exploration campaign, and more such ventures are required at this juncture," he said.
ONGC produces just over 26 million tonnes of crude oil annually, which barely meets one-fourth of India's oil requirement.
"Even considering the most aggressive management of the demand side, there will be growth in demand, as we cannot choke the development of the national economy. So there is no real alternative to increasing the supply," Deora said.
On the occasion of ONGC's Golden Jubilee, a commemorative stamp of Rs 5 denomination and two coins of Rs 5 and Rs 50 were released.
Deora said over the last five decades, ONGC has done a commendable job in shaping the national pursuit of energy. From discovering six out of seven producing basins in India, ONGC has a footprint in 14 countries overseas for sourcing oil and gas for the nation.
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