To fund expected growth,
Oil and Natural Gas Corporation (ONGC) unveiled plans to invest Rs. 130,000 crore (USD 28.2 billion) from 2007-2012 in oil and gas exploration, overseas acquisition of captive resource assets, and expansion of infrastructure.
Chief Managing Director R.S. Sharma said that of this investment plan, domestic oil and gas exploration and production investments will grow by 56% to Rs. 80,000 crore (USD 17.3 billion). For the first time, the company has an overseas acquisition budget of Rs. 50,000 crore (USD 10.8 billion) many times more than the Rs. 13,500 crore (USD 2.9 billion) it spent last year to buy overseas oil assets. ONGC plans to upgrade its Mangalore Refinery and Petrochemical Ltd (MRPL) capacity to 15 million tons (mt) per annum from 9.69 mt at a cost of Rs. 8,000 crore (USD 1.7 billion).
Major focus areas for the company will be to acquire technology solutions to improve recovery factor, faster development of new and marginal fields, upgrading surface facilities, and adoption of newer technology.
