"We have made nine hydrocarbon discoveries in the current year, out of which three are in Cambay Basin, one each in Mumbai Offshore, Assam Shelf and Cauvery basin and three in the East Coast deepwater" said ONGC chairman and Managing Director R.S.Sharma addressing a press conference in Chennai capital city of Tamil Nadu state Friday, Asian Age reported here.
Elaborating on the expansion plans, he said, "ONCG has signed a production sharing agreement will Burma and has discovered blocks in few areas." However, the company has no plans to enter Bangladesh, he said.
He said that ONGC is in talks with Sri Lanka to explore opportunities there. "If there are any good prospects, we would enter that area," he added.
When asked about the integrated development of G-1 and GS-15 fields in the Krishna-Godavari basin, he said the contract has been terminated due to non-performance of the contractor.
The company has 11 more CDM projects in the pipeline for registration and 17 projects have been identified for Phase II.
He mentioned that rising global crude prices are a concern. He also said that currently there is no technology in the world for ultra deep water. However he said that one company abroad is developing the technology and once they come out with a solution ONGC will take 10-15 per cent equity participation and use the technology.
Via: Islamic Republic News Agency
