Guwahati, Oct 22 (UNI) The Oil India Limited (OIL) has decided to invest in Mizoram and drill oil wells as they had won the rights for oil exploration in the entire North East.
In the recently concluded Annual General Meeting held here, OIL Chief Managing Director M R Pasrija announced that the NE would continue to be the main area of focus for OIL.
About 80 per cent of the total outlay approved by the 11th Five Year Plan had been earmarked for the NE, he informed.
Mr Pasrija said not only had the OIL acquired two new blocks in Assam (Amguri and Dibrugarh), but also added another NE state to the OIL family by wining an exploration block in Mizoram.
''A big OIL-driven economic boom awaits Mizoram. Surveys have indicated that the state could have a reserve of 170 million tonnes of oil and gas. Oil exploration firms from France, Cypress and Ukraine are awaiting licenses to drill,'' he added.
Mizoram Chief Minister Zoramthanga had recently announced that the Oil and Natural Gas Corporation (ONGC) had identified a huge oil reserve in a 5,000 sq km area in Hortoki.
''We have requested the ONGC to carry out exploration in the state, which would contribute to the development,'' the Chief Minister said.
''Hnahthial area also has a huge oil reserve and a global tender has been floated for exploration work. About 20 per cent of the profits would be collected as state revenue provided Mizoram is a share holder,'' the Chief Minister added.
Besides, the Petroleum Ministry had already directed the Directorate General of Hydrocarbons (DGH) to explore natural gas to start a mega project in the state.
Following initial survey by the National Geophysical Research Institute (NGRI), the DGH conducted various surveys in the region to identify oil reserves.