Oil and Natural Gas Corporation (ONGC) has drawn up a ‘Perspective Plan 2030’ to invest Rs.11 lakh-crore over the next 18 years.
Talking to newsmen here on Monday, Chairman and Managing Director Sudhir Vasudeva said the plan envisaged doubling of production over the next 18 years at 4-5 per cent.
“The plan also includes a four-fold growth in market capitalisation, and a six-fold growth in production from international operations. All this will require an investment of Rs.11,00,000 crore,” he said.
In 2011-12, ONGC produced 23.71 million tonnes of oil and 23.32 billion cubic metres (bcm) of gas. It posted a net profit of Rs.25,123 crore on a turnover of Rs.76,130 crore. Its overseas arm, ONGC Videsh Ltd. (OVL), produced 6.21 million tonnes of oil and 2.54 bcm of gas in 2011-12. Mr. Vasudeva said OVL would be looking to explore investment opportunities in around 4-5 international hubs where the entity could achieve adequate growth and source 60 million tonnes of oil and oil equivalent gas per year by 2030. The potential hubs included heavy oil, conventional plays, shale gas and deepwater exploration. “ONGC also looks to unlock 450 million tonnes of oil and oil equivalent gas from yet-to-be found domestic resources,” he added.
“We have signed a memorandum of understanding (MoU) with ConocoPhillips, U.S.-based oil major and pioneer in shale gas and deepwater exploration, in March 2012 for co-operation in the research of shale gas exploration in India, U.S. and elsewhere in the world. We have also signed a MoU with China National petroleum Corp (CNPC), a leading integrated international energy company, this year for co-operation in hydrocarbon sector, including midstream and downstream,” he added.
Asserting that considerable potential existed in Indian basins, Mr. Vasudeva said ONGC’s existing portfolio contained yet-to-be-developed discoveries that could add more than 300 million tonnes of oil and oil equivalent gas to production by 2030. “ONGC plans to invest in the non-E&P (exploration and production) sector.
These investments will include expansion and further petrochemical integration at the MRPL refinery, additional LNG re-gasification and capacity in alternative energy generation, including solar, wind and potentially nuclear,” he added.