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ONGC approves Rs10,000-cr to increase production

ONGC approves Rs10,000-cr to increase production
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First Published: Wed, Apr 11 2007. 07 51 PM IST
Updated: Wed, Apr 11 2007. 07 51 PM IST
New Delhi: The state-owned Oil and Natural Gas Corporation will invest Rs10,000-crore in a bid to increase oil and gas production, a company release on 11 April said.
The company board, which met on 10 April here, decided to raise the gas output in the country’s northeastern state of Tripura to 4.5 million cubic meters from the current 3 million cubic meters with an investment of Rs1,817-crore.
The exploration company would supply gas to the proposed 740 MW power plant to be build by ONGC Tripura Power Co. Ltd, the press statement said. It would hold 50 percent equity in the plant with an investment of Rs576-crore.
ONGC would hold a debt-equity ratio of 70:30 in the overall investment of Rs3,844-crore. The plant is scheduled for commissioning by 2010, the release added.
The Bombay High (North) facilities of the state-run company would see an investment of Rs355 crore for the construction of seven pipelines, the press note mentioned. The construction is scheduled to complete by April 2010.
The investment in ONGC ’C-Series’ development project, which deals with exploitation of gas from the marginal fields in Arabian Sea, has been raised from Rs3,190-crore to Rs3990 to accommodate additional facilities.
“The additional facilities include new process gas compressor along with revamping of existing gas dehydration and heating systems,” the release said. The project is to be completed by April 2009.
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First Published: Wed, Apr 11 2007. 07 51 PM IST
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