ONGC on Wednesday said it would carry out a feasibility study to check if an LNG terminal could be set up in Karnataka.

“We will do a feasibility study. We have already signed an MoU with Mitsui last year for LNG business. We are doing it jointly with BPCL. And NMPT is going to a partner, because the idea is to set it up at Mangalore Port trust,” said Sudhir Vasudeva, Chairman and Managing Director, ONGC.

Talking about foraying into the LNG business, Vasudeva said there is demand for gas. In the 12th Plan period, the demand is for 473 million cubic metres per day, while availability is around 200 million cubic metres per day. The gap can be met by more LNG, Vasudeva told media-persons.

In addition, Singapore-based Swiber Holdings Ltd said it is the first company to utilise ‘float over method’ for offshore field development for ONGC in India.

The Rs 8,000-crore B193 field development project is expected to produce 44 million barrels of oil; 6.8 million barrels of condensate and 5.12 billion cubic metres of natural gas.

(This article was published on February 20, 2013)
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