Corporation made 16 investigations on fresh foundations of productivity in 2014-15, says CMD
Oil and Natural Gas Corporation (ONGC) is in the progression of endowing Rs 22,500 crore in remanufacturing ventures, to include capability of 16.7 million tonnes of oil and 56 billion cubic metres of gas, Chairman and Managing Director D K Sarraf said on Monday.
“(In 2014) we initiated Mumbai High North Redevelopment Phase-III, Mumbai High South Redevelopment Phase-III, integrated development of the Bassein, Mukta and Panna developments and Daman expansion,” he said at a Republic Day gathering at ONGC’s center of operations here.
The initial gas productivity from the KG-DWN-98/2 (NDA) field in the eastern offshore is projected by 2017-18 and the primary oil productivity by 2019. “These are extremely significant ventures for us and numerous expectations rides on their accomplishment. They will in addition serve up as a litmus examination for our venture organization ability to put into practice the ventures devoid of time and charge swarming and securely he said.
Offshore productivity, he said, had mounted extremely considerably. “Even though this has, to an amount, cloaked the perturbing tendency of turn down in our onshore portfolio, we must spare no endeavor to overturn this,” he added.
In 2014-15, he said, 16 detections were made on fresh foundations of productivity, exceeding most up to date year’s calculation of 14. “For that reason, the reserve substitute ratio is another time projected to be in surplus of one for a 10th successive year.”
ONGC Videsh, the overseas support, secured agreements for a gas field in Azerbaijan, a 16 per cent venture in the Rovuma offshore Area-I innovation in Mozambique and heaved its venture in a deep-water offshore field in Brazil. Its manufacture rose 15 per cent and the revenue subsequent to tax would be the maximum ever, at Rs 4,445 crore.
ONGC Videsh has, freshly, won an investigative obstruction in New Zealand, indicated development-sharing agreements for two on-land investigation obstructions in Myanmar and an additional for two shallow-water investigation obstructions in the Bay of Bengal of Bangladesh (in a 50:50 joint venture with Oil India Ltd). Its business occurrence is extended over 36 ventures in 17 countries.
On Mangalore Refinery and Petrochemicals, a supplementary, Sarraf said the processing plant accomplished its maximum ever throughput of 14.59 million tonnes. It had custom-built all the units below its Phase-II development, save one of polypropylene, to be completed soon.
Sarraf said ONGC’s unpleasant earnings in 2013-14 were the chief ever at Rs 84,201. Revenue subsequent to tax was Rs 22,095 crore, five per cent superior as compared to in 2012-13, regardless of the chief-ever financial assistance outgo.
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