ONGC to invest Rs 3,015 crore in NE in 10th Plan

Oil and Natural Gas Corporation (ONGC) will invest Rs 3,015 crore in the northeastern states during the Tenth Five-Year Plan period.

Addressing the opening session of the second North-East Business Council here today, ONGC chairman Subir Raha said the public sector oil and natural gas company has already invested around Rs 8,483 crore in the region.

Raha also said the company had around five gas finds in the region in the last two years and expects the investments to generate higher employment opportunities. ONGC has 38 gas discoveries in the region with 24 in Assam, 11 in Tripura and three in Nagaland since it set up operation in the region in 1958.

Pointing out the activities of the company in the region, Raha said the public sector major has paid around Rs 2,797 crore in taxes and royalties to governments of Assam, Nagaland and Tripura.

Raha also said the company was ready to resume operations in Nagaland as soon as it received the necessary clearances from the state government.

"We will be able to resume operation very fast in Nagaland once the state government gives the clearance," Raha said.

He also said that as a part of the public sector major's commitment to the north-east region, the company will collaborate with the governments in the "Programme for Urban Amenities in the Rural Area (PURA)" in the region. The PURA project envisages setting up of entrepreneurs-lead micro enterprise complexes.

He said ONGC would provide the seed capital for setting up one PURA project each in Assam, Tripura and Nagaland. It is estimated that each PURA project would cost between Rs 100 crore to Rs 200 crore.