ONGC to pump in Rs 19,338 cr in FY'09 for oil, gas hunt
ONGC said that it would invest Rs 19,338 crore in oil and gas hunt during the current fiscal, about 10 per cent more than Rs 17,651 crore in the previous year.
By PTI |
NEW DELHI: Oil and Natural Gas Corp (ONGC) on Friday said that it would invest Rs 19,338 crore in oil and gas hunt during the current fiscal, about 10 per cent more than Rs 17,651 crore in the previous year.
"Improving the reserve replacement ratio by intensifying exploratory efforts is company's first priority," Chairman R S Sharma told company shareholders.
"Improving recovery factor, arresting decline in mature fields and expeditious development of discovered fields are the other priorities," he said.
ONGC declared Rs 14 per share final dividend for 2007-08, which is over and above Rs 18 per share interim dividend in December.
Sharma said ONGC will invest over five billion dollar in developing gas finds in eastern offshore Krishna Godavari basin blocks - KG-DWN-98/2 and KG-OS-DW4.
The company's overseas arm ONGC Videsh Ltd is targeting 39.47 mn tons of oil and oil equivalent gas from overseas properties in XIth Plan as against 23.25 mn tons during Xth Plan.
ONGC's refinery subsidiary Mangalore Refinery is on track for expanding its capacity to 15 mn tons by 2010.
"Improving the reserve replacement ratio by intensifying exploratory efforts is company's first priority," Chairman R S Sharma told company shareholders.
"Improving recovery factor, arresting decline in mature fields and expeditious development of discovered fields are the other priorities," he said.
ONGC declared Rs 14 per share final dividend for 2007-08, which is over and above Rs 18 per share interim dividend in December.
Sharma said ONGC will invest over five billion dollar in developing gas finds in eastern offshore Krishna Godavari basin blocks - KG-DWN-98/2 and KG-OS-DW4.
The company's overseas arm ONGC Videsh Ltd is targeting 39.47 mn tons of oil and oil equivalent gas from overseas properties in XIth Plan as against 23.25 mn tons during Xth Plan.
ADVERTISEMENT
ONGC's refinery subsidiary Mangalore Refinery is on track for expanding its capacity to 15 mn tons by 2010.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
