Despite economic slowdown and affect in the industrial growth due to the coronavirus outbreak in China and other countries, the business and investment of the Government-run Oil and Natural Gas Corporation (ONGC) did not affect, ONGC CMD Shashi Shanker said on Wednesday.
Shanker said the economic slowdown and the coronavirus outbreak in no way affected the business and investment of the Maharatna company.
"Our investment is constantly increasing. This year ONGC is investing over Rs 32,000 crore. Next year it would be more," Shanker accompanied by the top officials and directors told the media.
He said the gas exploration in the northeastern region would be further augmented and the ONGC is considering setting up new gas based power plants and other industrial units in the region.
"To better utilise the natural gas found in the northeastern region, the Rs 10,000 crore project -- North East Gas Grid project of Indradhanush Gas Grid Limited - would be completed in the next financial year (2021-22)," the CMD said.
He said besides ONGC, four other Central Public Sector companies including Indian Oil Corporation and Gas Authority of India Limited are also involved in the North East Gas Grid project of Indradhanush, which has been laying 1,656 KM gas pipeline to supply natural gas among the eight northeastern states.
The Union Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi last month has given approval to the North East Gas Grid project of Indradhanush, which would make availability of natural gas across the region and expected to boost industrial growth without impacting the environment and would offer better quality of life to the people in general due to use of cleaner and green fuel.
The ONGC CMD accompanied by Directors of the company arrived in Tripura on Wednesday and visited several gas exploration sites and reviewed the performance of the activities of the company in the northeastern state.
He said the ONGC has been working in Tripura for five decades and has successfully found and explored huge gas and the northeastern state has become the highest gas producing onshore asset.
The ONGC has set up a giant 726 MW power plant in southern Tripura and the power project meeting 30 per cent power requirement of the seven of the eight northeastern states. The ONGC also facilitates setting up of many power projects in Tripura and other northeastern states.
"The (ONGC-supplied) gas-based power projects in Tripura provided electricity also to Bangladesh besides the northeastern states. The ONGC's gas is also used in running thousands of vehicles as Compressed Natural Gas. It also provides Piped Natural Gas to thousands of households and industries for cooking purposes," he said.
The largest crude oil and natural gas company in India, ONGC contributes 75 per cent to India's domestic production with a consolidated turnover Rs 453,461 crore for FY19 (up 25 per cent from Rs 362,246 crore in FY18).
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