Business Daily from THE HINDU group of publications
Saturday, Aug 16, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Aug 16, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Outlook
Our Bureau Hyderabad, Aug 15 Oil and Natural Gas Corporation will set up an integrated offshore supply base cum processing unit near Kona in Andhra Pradesh. The move is part of ONGC’s efforts to augment and create new oil and gas assets, by opening them in challenging frontiers in deep and extra deep waters. The Rajahmundry asset of ONGC would implement the project in East Godavari district, according to a press release from the company. Deep water drillingThe future activities in the East coast also involved deep water drilling in difficult conditions. The appraisal plan for KG-DWN-98 indicates an estimated reserve of 7.6 trillion cubic ft of gas. Production from this discovery and Mahanadi may commence from 2012-13. Giving these details at the 53rd ONGC Day function on Thursday at Rajahmundry, Mr A.A. Khan, Executive Director and Asset Manager, said the onshore terminal at Odalarevu of Gopavaram will receive end process natural gas from the deep water finds at Vasishtha and S-l fields. Mr Khan also gave an overview of ONGC’s performance for the first quarter of the current fiscal year to the employees on the occasion. The turnover was Rs 20,123 crore. Despite a subsidy burden of Rs 9,811 crore, the net profit in the first quarter was Rs 6,036 crore as against Rs 4,611 crore in the corresponding period last year. ONGC plans integrated offshore supply base, terminal on east coast ONGC ready to rope in Petrobras, Statoil More Stories on : Outlook | Petroleum | Oil & Natural Gas Corporation Ltd
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