ONGC to fund over 17,000 Cr for expansion of its projects

Ahmedabad: ONGC plans to invest over 17,000 crore on onshore operations in Gujarat over the next five years.

Under the programmme, the company has earmarked over 8,000 crore for revamping its 90 installations, including 200 km-long pipeline network and 65 tanks in the state. It is also commissioning 850 km of new pipelines at an investment of 670 crore.

The company has already received sanction for majority of the proposed projects for Ahmedabad, Mehsana and Ankleshwar assets. The objective of the projects is to maintain production in the old fields while developing new fields in Cambay basin at an investment of 700 crore.

ONGC is also pumping money into its plants at Hazira and Dahej. Nearly 2,570 crore will be invested in Hazira for value-added products, additional gas processing and a naphtha line to Dahej. With this, gas processing capacity of the Hazira complex will increases to 46 million cubic meter from 41 million currently. The project is expected to be commissioned in the next 18 months.

At Dahej, ONGC is commissioning a unit to produce raw material for the plastics industry at an investment of 730 crore. It will spend 4,350 crore for development, drilling and commissioning of various installations.