ONGC Ltd is expected to commence power production at Tripura Power Company Ltd’s plant in June 2012, Mr Sudhir Vasudeva, Chairman and Managing Director, said here.
The ONGC-promoted TPCL has established a 726.6 MW (363x2) gas-based thermal power plant at Palatana, Tripura, and laid a 650-km-long 400kV direct current transmission system up to Bongaigaon for evacuation of power. The combined cycle gas turbine (CCGT) facility is expected to bring in investments of Rs 9,000 crore in the power-deficit, but natural gas rich region.
Also, ONGC Petro-additions Ltd (OPaL) is gearing up to commission its C2-C3 (ethane-propane) plant at Dahej in Gujarat in the first quarter of 2013-14, he said during a visit to the Gujarat assets.
Replying to a question, Mr Vasudeva said ONGC Videsh Ltd has targeted production of nine million tonnes per annum (mtpa) of oil overseas in 2011-12. It lost 0.8 mt in 2011-12 due to the geopolitical problems in the Sudan and Syria. “Until three months ago, we produced 50,000 barrels in south Sudan.”
At home ONGC is targeting 27.5 mt of oil and 25.7 billion cubic meters (bcm) of gas production in 2012-13.
ONGC, which plans investments of Rs 1.64 lakh crore in the Twelfth Five-Year Plan (2012-17), has committed Rs 26,000 crore on development of 11 clusters in 34 fields on the western and eastern coasts. It would add to oil production by 3.5 mt annually. In 2013-14, ONGC’s total domestic oil production is expected to go up to 110 mt. “The year 2017 would see a quantum jump in production,” Mr Vasudeva said.
Asked about the recent MoU between ONGC and ConocoPhillips for exploration of deepwater blocks off India and a possible joint development for shale gas, he said the agreement would enable ONGC to understand the potential for shale gas in India. Conoco would evaluate 19 E&P blocks for ONGC in the next six months. ONGC has also bid with Cove Energy in Mozambique.
About the impact of the Union Budget 2012-13 on ONGC’s books, he said the company has requested the Centre to reduce the Rs 5,000-crore burden caused by the hike in cess, excise duty and service tax.