Oil and Natural Gas Corporation (ONGC) will undertake big ticket exploration and production plans for which it has committed investment worth Rs 1,26,000 crore in its 12th Five-Year Plan for 2012-17. The company has decided to prepone some of its projects. The investment also includes Rs 26,000 crore in 11 clusters in the country.
ONGC chairman and managing director (CMD) Sudhir Vasudeva said on Friday that the company hopes to cross 30 million tonnes of oil production in 2013-14. "We account for 52 per cent of the country's gas production and by 2016-17, ONGC's production is expected to touch 100 million cubic metres per day," Vasudeva told mediapersons.
Vasudeva said the dispute in Sudan and Syira has caused shortage of about 0.8 million tonnes of crude oil and gas due to geo-political reasons. ONGC- Gujarat State Petroleum Corporation (GSPC) joint venture ONGC Petro Additions Limited's (OPAL) upcoming mega petrochemical project will witness yet another delay in commissioning. Vasudeva said the proposed project at Dahej will be commissioned in first quarter of 2014. Earlier, it was projected to be commissioned by end of 2013.
When asked about the recent Union budget's impact on ONGC, Vasudeva said the increase in cess and excise duty will increase tax liability of the company by Rs 5,000 crore. ONGC that is present in almost all the verticals of hydrocarbon is also aiming to enter into city gas distribution (CGD). It has joined hands with GSPC and BPCL to bid for 65 per cent stake of BG Group in Gujarat Gas Company Limited (GGCL).
"CGD is the only missing link in our value chain. But we want to enter in CGD business that suits our stature. And hence, bid for GGCL makes sense for direct entry instead of bidding for one or two cities," Vasudeva said.
ONGC chairman and managing director (CMD) Sudhir Vasudeva said on Friday that the company hopes to cross 30 million tonnes of oil production in 2013-14. "We account for 52 per cent of the country's gas production and by 2016-17, ONGC's production is expected to touch 100 million cubic metres per day," Vasudeva told mediapersons.
Vasudeva said the dispute in Sudan and Syira has caused shortage of about 0.8 million tonnes of crude oil and gas due to geo-political reasons. ONGC- Gujarat State Petroleum Corporation (GSPC) joint venture ONGC Petro Additions Limited's (OPAL) upcoming mega petrochemical project will witness yet another delay in commissioning. Vasudeva said the proposed project at Dahej will be commissioned in first quarter of 2014. Earlier, it was projected to be commissioned by end of 2013.
When asked about the recent Union budget's impact on ONGC, Vasudeva said the increase in cess and excise duty will increase tax liability of the company by Rs 5,000 crore. ONGC that is present in almost all the verticals of hydrocarbon is also aiming to enter into city gas distribution (CGD). It has joined hands with GSPC and BPCL to bid for 65 per cent stake of BG Group in Gujarat Gas Company Limited (GGCL).
"CGD is the only missing link in our value chain. But we want to enter in CGD business that suits our stature. And hence, bid for GGCL makes sense for direct entry instead of bidding for one or two cities," Vasudeva said.
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