Financial Daily from THE HINDU group of publications
Tuesday, May 07, 2002
Financial Daily from THE HINDU group of publications Tuesday, May 07, 2002 |
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Industry & Economy
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Petroleum `Krishna-Godavari ONGC project making rapid strides' Our Bureau
RAJAHMUNDRY, May 6 THE ONGC, Krishna-Godavari project, has contributed substantially to the development of the region. It had spent Rs 55 crore on welfare and development works since inception in 1979 and one of the major works being the Yanam-Edurlanka inter-State bridge across the Godavari, Dr Jauhari Lal, the Director (Human Resources), has said. At a press meet here after the conclusion of his two-day visit to the area, he said Rs 16 crore for Yanam bridge, had already been released and the rest would be released in due course. The bridge was scheduled to be completed later this year. He said ONGC had contributed more than Rs 300 crore to the State exchequer in the form of royalties. He said the project had made rapid strides in recent times and currently, eight rigs were in operation at different locations in Krishna and the two Godavari districts. During 2001-2002, the project had surpassed all previous records in oil production, gas production/sales, drilling meterage, and profits. The project had earned a gross profit of Rs 253 crore during the financial year and bagged several awards, he said. The Tatipaka mini refinery, commissioned during the year, was doing well and it had produced 16,164 tonnes of value-added products. The VRS scheme for ONGC employees had been sent to the Government for approval and, if the Government did not approve, another modified package is also been made ready, he said. Nearly 2,000 employees, mostly from the lower rungs, had opted for it, and there was no danger of the cream going out of the corporation. In the next five years, the total staff strength of ONGC would be reduced to 30,000 or so. The off-shore drilling activities in the KG basin would be intensified in the coming times, he said. The restructuring of ONGC was taking place and it would pave the way for easy and effective decision-making, accountability and empowerment, he added.
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