ONGC improves production in first quarter of FY 2006-07

Rajahmundry, Aug 19 (UNI) Oil and Natural Gas Corporation Limited (ONGC) in the first quarter of this financial year produced 76,795 metric tonne oil, 516 million metric cubic meter of gas, its Executive Director and Asset Manager A A Khan said.

Addressing presspersons Mr Khan said during the year 2005-06 Rajahmundry Asset had produced 2,16,000 metric tonne of crude oil, 1663.25 millon metric cubic meter of natural gas and sold 1646.95 mmscm natural gas. He said the Tatipaka Mini Refinery, started in 2001, had refining capacity of 66,000 metric tonne and would be upgraded to process 1,30,000 metric tonnes per annum.

He said the project had made a gross revenue of Rs 838.20 crore (provisional) during 2005-06 and earned a profit of Rs 350 crore as statutory payments.

Apart from contributing close to Rs 200 crore as royalty and sales tax, ONGC had greatly contributed to the economic develoment of the region.

Rajahmundry Asset had produced 757 metric tonne of oil per day last month which was the highest since last three years. Now production is 725 metric tonnes of oil and 4.30 million cubic meters of gas per day.

ONGC is focusing on the existing reserves by adopting new drilling and production methods.

UNI BAK JJ 1910