ONGC rules out Bangladesh entry

Oil and Natural Gas Corporation Ltd (ONGC) will be investing Rs 75,000 crores during the eleventh plan and 35 per cent of that is for exploring new ventures. Addressing a press conference here on Friday, ONGC chairman and managing director R.S.Sharma, said, "We have made nine hydrocarbon discoveries in the current year, out of which three are in Cambay Basin, one each in Mumbai Offshore, Assam Shelf and Cauvery basin and three in the East Coast deepwater."
Elaborating on the expansion plans, he said, "ONCG has signed a production sharing agreement will Burma and has discovered blocks in few areas." However, the company has no plans to enter Bangladesh, he said. He said that ONGC is in talks with Sri Lanka to ex-plore opportunities there. "If there are any good prospects, we would enter that area," he added.
When asked about the integrated development of G-1 and GS-15 fields in the Krishna-Godavari basin, he said the contract has been terminated due to non-performance of the contractor. The company has 11 more CDM projects in the pipeline for registration and 17 projects have been identified for Phase II. He mentioned that rising global crude prices are a concern.