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ONGC board approves Rs.3,819 crore investments

Thursday, 12 Apr 2007
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The board of Oil & Natural Gas Corporation has approved proposals involving investments of Rs.3,819 crore.

 The ONGC Board has also cleared proposal for augmentation of gas production in Tripura to feed the power plant involving an investment of Rs.1,817 crore. The project includes fast-track exploration and development of gas resources through intensive drilling and setting up surface infrastructure, for supplying the gas to the 740 MW power plant of ONGC Tripura Power Co (OTPC), in which ONGC will hold 50 per cent equity. Approval has been given to develop upstream facilities to produce incremental gas of 3 mmscmd to raise production from the present 1.45 mmscmd to 4.5 mmscmd. The board has also cleared ONGC's equity investment in OTPC of Rs.576 crore.

In the total investment of Rs.3,844 crore towards the integrated project with a debt-equity ratio of 70:30, ONGC's investment works out to be Rs.576 crore. The upstream and downstream activities will be progressively stepped up and the power plant will be scheduled for commission by 2010.

Other projects for which board approval has been given include construction of seven pipelines in Mumbai High (North) involving an investment Rs.355 crore.

Also See:
ONGC inks service contracts for 14 onshore marginal fields (6-Apr-2007)

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