The Hindu : ONGC's plan to double production

Online edition of India's National Newspaper
Thursday, Aug 29, 2002

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Business

ONGC's plan to double production

By Our Special Correspondent

NEW DELHI AUG. 28. The Oil and Natural Gas Corporation (ONGC) has formulated a strategic 20-year plan that aims to double oil and gas production, improve the recording factor from 28 to 40 per cent and acquire equity in overseas projects through ONGC Videsh.

This was stated by Subir Raha, Chairman and Managing Director, ONGC, while addressing a seminar on business opportunities in the deregulated oil and gas sector organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) in association with KLG Systel.

Mr. Raha said for optimum exploitation of the emerging business opportunities, there was need for adopting fair business practices by vendors and buyers of petroleum products. If the public sector enterprises exercise purchase preference, fail to complete projects on time and the approach the Standing Committee on Parliament for relief, it was certainly not good business practice, he said. The ONGC chief said the demand for hydrocarbons as contained in the Hydrocarbon Vision 2025 was an overestimation. A more realistic estimate would be a doubling of demand from the present 120 million tonnes. To meet this order of demand, the oil market would have to be totally and genuinely de-regulated.

PTI reports:

Keen to bid for HPCL, BPCL

The exploration firm Oil and Natural Gas Corporation (ONGC) today said it was interested in bidding for Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. and demanded equal opportunity to participate in disinvestment of the state-run retailing companies.

"We are seriously looking at opportunities (in BPCL and HPCL). We expect the Government will provide us equal opportunity as any other oil and gas company in the (disinvestment) process,'' the ONGC Chairman and Managing Director, Subir Raha, told reporters here.

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