ONGC has announced that it is in the process of investing Rs.22,500 crore in redevelopment projects that will add a capacity of 16.7 million tonnes of oil and 56 billion cubic metres of gas. The first gas output from the KG-DWN-98/2 (NDA) field in eastern offshore is expected by 2017-18 and the first oil output by 2019.
ONGC Videsh Ltd, the overseas arm of ONGC, won the deals for a gas field in Azerbaijan, and a 16 per cent stake in the Rovuma offshore Area-I discovery in Mozambique. The company also raised its stake in a deepwater offshore field in Brazil. Its production rose 15 per cent and the profit after tax will be the highest ever, at Rs.4,445 crore.
Mangalore Refinery and Petrochemicals, an ONGC subsidiary, achieved its highest-ever throughput of 14.59 million tonnes. It had commissioned all the units under its phase-II expansion, save one of polypropylene, to be completed soon.
In the previous year, the company launched Mumbai High North Redevelopment Phase-III, Mumbai High South Redevelopment Phase-III, and integrated development of Bassein, Mukta and Panna formations and Daman development.