Kochi, Jul 26: Optimistic about the presence of hydrocarbons off the Kerala-Konkan coast, the Oil and Natural Gas Corporation (ONGC) was all set to resume exploration in the area, Corporation Chaiman and Managing Director(CMD) R S Sharma said on Saturday, July 26.
Talking to newspersons here, Mr Sharma said though the ONGC had not met with much success during its first round of exploration off the Kerala coast in 2004, its scientists were still optimistic about finding hydrocarbon reserves in the area. A few blocks had been identified for exploration and the work would start once the deepwater oil rig, being deployed on the east coast at present, completes its task there and moves to the west coast.
Describing the proposed Indo-US civilian nuclear deal as an ''economic necessity'' for India, Mr Sharma said the country possessed only 0.5 per cent of the known global reserves of hydrocarbons.
''These are not enough to meet the country's energy needs. We have to look at nuclear energy also,'' Mr Sharma said. The ONGC may also have a role in the nuclear energy sector, he indicated.
The CMD said ONGC Board of Directors would meet in New Delhi on July 28 to announce the quarterly results.