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Indian oil major Oil and Natural Gas
Corporation (ONGC) revealed plans to
start a joint venture with steel baron
Lakshmi Mittal to buy energy stakes
around the work valued at USD 15
billion. ONGC-Mittal Energy Ltd will
buy energy blocks to meet oil and
natural gas requirements by a tornado
Indian economy. ONGC Chairman Subir
Raha also revealed plans to start
production of natural gas from a
deep-sea platform on the Krishna
Godavari basin to produce one million
standard cubic meters per day (mscmd)
before summer and a full production of
2.7 mscmd by mid-2007. This is the
first time India is tapping gas from a
deep-sea platform; the present 69
mscmd comes from on-land and shallow
water fields. The company will
increase its domestic oil exploration
budget by 18% to USD 3.5 billion.
Since 2001-2002 when Raha started
running the company, the exploration
budget has grown by 300%. Oil
production from the Mumbai High
offshore oilfields will be less than 1
million tons because of the fire in
Mumbai High that destroyed the
platform. By June 2006, ONGC expects
to produce 275,000 barrels a day to
produce 29.09 million tons in the next
fiscal year.
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