ONGC to enter nuclear, solar power

Following the clearance of the Indo-US nuclear deal, ONGC says it will enter the nuclear energy sector.

Speaking at the golden jubilee celebration of ONGC's oil find in Gujarat's Cambay Basin, R S Sharma, chairman and managing director said nuclear and solar power were clean fuels and the oil giant was already engaged in research in these areas.

Sharma disclosed that said that the ONGC board has approved the signing of an MoU with the Uranium Corporation of India for uranium exploration in India and overseas.

Saying that known hydrocarbon reserves in India were only 0.5 per cent of the global reserves, Sharma said oil and gas would not be able to meet the country's growing energy needs and  that ONGC was in favour of utilising solar energy because of its ample availability in the country. ''We have to look beyond oil and gas and work on nuclear, solar and gas hydrates,'' he said.

Sharma said ONGC was already producing 1.1 million barrels of oil equivalent (BOE).

ONGC says it can play a larger role in the nuclear sector given its infrastructure and R&D facilities, ONGC can play a very big role in nuclear energy,'' he said.