ONGC to diversify into refining

ONGC was also talking to a number Independent Power Producers (IPPs) for setting up power generation joint ventures, based on hydrocarbon fuels, Gopalaswamy said. Besides entering these new areas, the "Navratna" public sector corporation was also strengthening its exploration and production activity.

Bidding adieu to the strategy of extensive exploration, ONGC would seek to collect more reliable seismic data on oil availability and utilise the existing wells more efficiently, the official asserted.

‘We will be drilling fewer wells during the ninth plan period. However, we will be making higher investments in employing the state-of-the-art three-dimensional data technology to collect more details about new and existing reserves,’ he said.

The ONGC, Gopalaswamy said, was talking to multinationals for forming a joint venture to develop the deep sea project off the Kerala-Konkan coast.

Pointing out that the company was going into deep sea drilling for the first time, he however said ONGC would take up exploration in the area on its own.

On talks with Shell and Petrobras, Gopalaswamy said, ‘we keep our options open to talk to other technologically competent companies also. So far, we have not made a final decision”.