ONGC to add to reserves

Mumbai: Oil and Natural Gas Corporation (ONGC) said it plans to add six billion tonnes of oil and oil equivalent gas reserves in the country over a 20-year period and about 20 million tonnes through the overseas oil and gas fields in next 10 years.

"As per our core strategy for 2001-20, we plan to add six billion tonnes of reserves to the present six billion tonnes," ONGC chairman and managing director Subir Raha said

The company is targeting 20 million tonnes through overseas oil and gas fields in the next 10 years. It would make an investment of about Rs 10,000 crore in building assets and exploration every year in the 10th plan period, he said adding, most of the new investment depended on new discoveries.

Raha said total energy consumption in the country over the next 25 years is expected to grow at a compound annual growth rate (CAGR) of 3.2 per cent which is the third largest growth rate after Mexico and China while the oil and gas consumption in the country during the same period would grow by 4.1 per cent, the highest in the world. He said the company has received permission for setting up 1,100 retail outlets while its subsidiary MRPL has got permission for setting up 500 outlets which would be about three per cent of the total retail capacity in the country.

ONGC is also investing Rs 8,200 crore at Mumbai High over five year period to add additional 76 million tonnes of production, he said adding, the company would offer a VRS scheme to its employees on March, 2004.