New Delhi, Apr 16 (UNI) Oil and Natural Gas Corporation Ltd (ONGC) today said it had posted a nine per cent increase in its profits at Rs 14,175 crores in 2005-06 as compared to the same period last year and it would increase its refining capacity to 45.5 million metric tonnes (MMT) per annum by 2009-10.
Speaking to newspersons, ONGC Chairman and Managing Director Subir Raha said the Corporation posted profits ''despite paying out a record subsidy of Rs 11,958 crores.'' The refining capacity of ONGC would go up to 45.5 MMT per annum by 2009-10 from its current 24.4 MMT, He added.
Giving the break-up, Mr Raha said, Mangalore Refineries and Petro-Chemicals Limited (MRPL) capacity would be increased to 15 MMT at a cost of Rs 8,000 crores.
Similarly, another refinery at the Special Economic Zone (SEZ) of Mangalore would also be increased to 15 MMT at a cost of Rs 30,000 crores. The refinery at Kakinada would be increased to 7.5 MMT at Rs 9,000 crores.
The refinery at Barmer in Rajasthan would also be increased to 7.5 MMT at a cost of Rs 9,000 crores. Likewise, the refineries at Ankleshwar and Uthop will be scaled upto 7.5 MMT at a total cost of Rs 12,000 crores.
In the last five years, Rs 40,000 crores were spent in Exploration and Production (E and P) and in 2006-07 Rs 120 crores will be pumped in for E and P operations, Mr Raha said.
The company posted a turnover of Rs 50,900 crores, an increase of 9 per cent from Rs 46,712 crores. Earnings per share was also up eight per cent at Rs 99.
The company produced 24.4 MMT of crude oil in financial year 2005-06 which is 92 per cent of the target of 26.6 MMT. The lower production is due to the accident at Bombay High North (BHN) platform in July 2005.
Mr Raha said a Floating Production System (FPSO) is scheduled to be in place in the next two months to augment production from BHN to 270,000 Barrels Per Day (BPD) as prevailing before the accident.
He said the company has a target to restore the offshore production to pre-accident level by August 2006 and then step up production upto three lakh BPD on sustained basis in 2006-07.
The production of natural gas was 22.6 billion cubic metres (BCM) which was higher than the target of 21.4 BCM by 106 per cent. Gas sales were also up from the target of 17.1 BCM at 18.2 BCM.
UNI RT PV RN1620