Financial Daily from THE HINDU group of publications
Tuesday, Aug 31, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 31, 2004 |
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Corporate
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Announcements Industry & Economy - Petroleum ONGC to finalise contracts to set up CBM units Our Bureau
Kolkata , Aug. 30 OIL and Natural Gas Corporation will finalise turnkey contracts for setting up facilities for production of coal-bed methane (CBM) by November this year. The company has already prepared a roadmap for a Rs 10,000 crore investment in six coal blocks in Jharkhand and West Bengal. Dr A.K. Balyan, Director (business development and joint venture), said the company had already convened a pre-bid conference of global leaders in CBM technology in Delhi to discuss the salient features of the project. "As part of the pre-bid exercise, all interested parties will be given access to ONGC exploration data on CBM (used in the power sector) in the first week of September. This will be followed by the formal bidding," Dr Balyan said, adding that the whole process was "likely to be over in two months' time." He said the prime target of ONGC was to bring in the best technologies available. "Our primary objective is to make the project viable. Accordingly, we are open to every possibility," he said, hinting that exploration and production facilities could be developed using multiple technology options. "The technology could be area-specific to ensure viability," he added.
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