ONGC works out Rs 1,000 cr investment plan

Rajahmundry (Andhra Pradesh), June 17: The Oil and Natural Gas Corporation (ONGC) Chairman R S Sharma said it has worked out Rs 1,000 crore investment plan for the current year.

Addressing newspersons Mr Sharma, who came here yesterday to review the performance of the Rajahmundry asset and kg basin, said that the Kakinada oil refinery with 7.5 mt was not economically viable and hence was proposed to enhance to 15 mt.

He said the second phase of tenders for Tatipaka refinery would be executed soon.

There were 26 overseas projects in 15 countries and share of oil and gas from these projects was 7.9 mt, he added.

He said there was short fall in gas in the Rajahmundry asset in last year due to the delay of g1 and g2 projects.

Stating that ONGC's business in India during last year was satisfactory Mr Sharma said oil recovery was the highest and production had gone up by seven per cent.

UNI