Oil exploration major ONGC today said it has signed a memorandum of understanding with the Uranium Corporation of India for sub surface exploration of Uranium.
The sub surface exploration for Uranium would be done in the states of Gujarat and Rajasthan, ONGC CMD R S Sharma told reporters here today.
In this regard, a core team of officials has also been set up, he added.
"The R&D work for the search of Uranium is going on and the initial results are encouraging," Sharma said, adding that the investment for the project would be worked out only after the study of initial data.
Regarding Solar energy, Sharma said the PSU is in talks with top companies of the world. He, however, refused to disclose the names of those companies but said the solar power can be tapped at places such as Rajasthan which get good sunshine.
ONGC has set up an energy centre focusing to tap the nuclear and solar energy as the demand for energy is growing very fast, he said.
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To a question, Sharma said that ONGC is an energy company and it is not only an oil and gas producing company. "We are here to look beyond oil and gas," he said.
When asked whether ONGC Videsh Ltd (OVL) is facing tough competition from Chinese companies for acquisition of projects in foreign countries, Sharma said ONGC has 44 assets in 18 countries. "We are more than satisfied with our performance," he said.