By siliconindia | Thursday, 29 April 2021, 03:21 Hrs The country s largest oil and gas explorer ONGC on Wednesday said it will expand its upstream activity in the country by acquiring much larger acreage through the Open Acreage Licensing Policy (OALP). The company which is in the midst of a major restructuring exercise proposes to speed ahead on exploring new oil and gas blocks in the country so that the stagnating domestic production is increased. It has told the government that there are certain issues around structure where decisive steps can be evaluated only once the industry is completely under GST regime but the company remains committed to invest and enhance the country s domestic production of hydrocarbons.
The state-run oil major said that ONGC Videsh consortium has put LNG project in Mozambique on hold due to force majeure. Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the Area 1 Operator Total E&P Mozambique Area 1 Limitada informed the withdrawal of all Mozambique LNG project personnel from the Afungi site. Thissituation leads Total E&P Mozambique Area 1 Limitada, as operator of Mozambique LNG project, to declare force majeure, ONGC said in a statement.
ONGC Videsh, wholly-owned subsidiary and overseas arm of ONGC, holds 16% Participating Interest (PI) in the Area 1 concession through its subsidiaries ONGC Videsh Rovuma (OVRL) and Beas Rovuma Energy Mozambique (BREML).
ONGC to play larger role in country s pursuit of energy security
By IANS |
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Petrol. (File Photo: IANS). Image Source: IANS News
New Delhi, April 28 : The country s largest oil and gas explorer ONGC on Wednesday said it will expand its upstream activity in the country by acquiring much larger acreage through the Open Acreage Licensing Policy (OALP).
The company which is in the midst of a major restructuring exercise proposes to speed ahead on exploring new oil and gas blocks in the country so that the stagnating domestic production is increased.
It has told the government that there are certain issues around structure where decisive steps can be evaluated only once the industry is completely under GST regime but the company remains committed to invest and enhance the country s domestic production of hydrocarbons.
ONGC says want foreign partners in new fields
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Last Updated: Apr 28, 2021, 06:37 PM IST
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Synopsis ONGC is also looking into strategic relationships and close alliances with key international players through (overseas arm) ONGC Videsh, the company said in a statement. Intention is to invite foreign participation to explore Category-II and Category-III basins which match size and scale of expectations and portfolio of these large players.
Agencies
The ONGC board approved Energy Strategy 2040 in April 2019 that outlines strategic growth initiatives across the energy value-chain.
India s flagship oil and gas producer ONGC on Wednesday said it is seeking foreign partners for yet-to-be-developed fields in lesser prospective areas but is shackled by uneconomic gas prices and tax structure.
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