ONGC to invest Rs 11 lakh crore over the next 17 years

Chennai, Sept 24: 

India’s premier oil exploration and production company, ONGC, intends to invest Rs 11 lakh crore between 2013 and 2030. (In the last 15 years, the company had invested Rs 5 lakh crore.)

Thanks to this, ONGC expects to be producing 130 million tonnes of oil and oil equivalent hydrocarbons in 2030. Half of this will come from assets abroad. (Last year, it produced 27 million tonnes of oil and 25 million cubic metres a day of natural gas.)

A ‘perspective plan’ drawn up by the public sector oil major says the company would invest in petrochemicals, LNG re-gasification and alternative energy, so that 30 per cent of its revenues in 2030 comes from non exploration and production activities. It mentions wind, solar and nuclear as the areas of alternative energy it would get into.

A good part of the investments will go into “unlocking domestic yet-to-find reserves”. What this means is, ONGC will step up exploration. “With more than 28 billion tonnes of prognosticated reserves, Indian sedimentary basis has potential. Extra exploratory miles may give desired results,” says ONGC’s Chairman and Managing Director, Mr Sudhir Vasudeva.

The company expects to add 450 million tonnes of oil and oil equivalent hydrocarbons from yet-to-find reserves.