| ONGC Chairman Subir Raha said at the company's annual general meeting here today that the oil major was also looking at opportunities in the petrochemical sector, including a participation in the Chennai-based Southern Petrochemicals Industries Corporation Limited (SPIC). |
| Officials said ONGC was also looking forward to a rating from an international agency like Moody's which would help it tap international markets for funds to finance acquisitions. |
| ONGC has proposed a capital expenditure of Rs 10,000 crore this year, the same as last year. |
| Shareholders approved the company's results for 2004-05. ONGC, which reported a 50 per cent jump in its net profit to Rs 12,983 crore in 2004-05 over a turnover of Rs 46,170 crore, declared a dividend of 400 per cent, including an interim dividend of 200 per cent. |
| He said the company's production at 49.45 million tonne oil equivalent and reserve accretion of 49.40 mtoe had given it a 1:1 ratio of production and reserves. |
| Raha said ONGC had raised the recovery factor from Mumbai High offshore fields to 31 per cent from 27 per cent. He added that production from the country's single largest oil field would reach 300,000 barrels per day next year from the previous year output of 270,000 barrels per day. ONGC added over 300 million barrels of oil and oil-equivalent gas of in place reserves last year. |
| The company hopes to arrest the decline in natural gas production in the next three-four years, when it brings to production its new finds in Krishna-Godavari basin, off the Andhra coast. This will be India's first deep sea gas which will be available from April 2006. |
| In the western offshore, D-1 field will begin producing 1,305 mt of oil per day from January 2006, and 341 mt a day of oil and 0.5 million standard cubic metre per day of gas from D-33 fields from December 2006. |
| ONGC also plans to invest Rs 3,300 crore to restore oil production to 3 mtpa from Assam oilfields by 2009-10. |
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