Venturing directly into the power sector, Oil & Natural Gas Corp said on Friday that power production at Tripura Power Co Ltd's plant in the state would commence in June 2012 with gas supplied by the state-owned explorer and producer.
The ONGC-promoted TPCL has established a 726.6 MW gas-based thermal power plant at Palatana, Tripura, and laid a 650-km 400kv direct current transmission system for transmission of the power. The combined cycle gas turbine (CCGT) facility is expected to bring in investments worth Rs9,000 crore in Tripura, which is rich in natural gas but like most of India has insufficient electricity.
Sudhir Vasudeva, chairman and managing director of ONGC, also said in Vadodra that ONGC Petro-additions Ltd (OPaL) is gearing up to commission its C2-C3 (ethane-propane) plant at Dahej in Gujarat in the first quarter of 2013-14.
ONGC is targeting production of 27.5 million tonnes of oil and 25.7 billion cubic metres of gas in 2012-13.
The corporation plans investments of Rs1,64,000 crore in the 12th Five-Year Plan (2012-17), and has committed Rs26,000 crore on development of 11 clusters in 34 fields on the western and eastern coasts. It hopes to add by 3.5 mt of oil production annually. In 2013-14, ONGC's total domestic oil production is expected to go up to 110 mt. ''The year 2017 would see a quantum jump in production,'' Vasudeva said.
About a recent memorandum of understanding between ONGC and ConocoPhillips for exploration of deep water blocks and a possible joint development for shale gas off Indian shores, he said the agreement would enable ONGC to assess the potential for shale gas in India. Conoco would evaluate 19 E&P blocks for ONGC in the next six month.
About the impact of the Union Budget 2012-13 on ONGC's books, he said the company has requested the union government to reduce the extra Rs5,000-crore burden caused by the hike in cess, excise duty and service tax.