The Hindu : Business : ONGC bags block in Colombia

Online edition of India's National Newspaper
Tuesday, Aug 15, 2006

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Business

ONGC bags block in Colombia

Staff Correspondent

Joint bid with China's SINOPEC

DEHRA DUN: It was a grand finale for the Oil and Natural Gas Corporation Golden Jubilee celebrations on Monday as the Union Minister of Petroleum and Natural Gas, Murli Deora, announced that the company had bagged a block in Colombia in the joint bidding with SINOPEC of China.

Speaking at a special function in the Kendriya Vidyalaya grounds here, Mr Deora urged ONGC employees to gear up for a more lustrous innings over the next fifty years. "As the Indian economy breaks the shackles of slow growth to develop at a pace of eight per cent and above, the single largest challenge arrives at the doorstep of the oil and gas sector. The ONGC, I am confident, will shoulder the responsibilities as a mature player engaged in the task of ensuring energy security of the nation,'' he said.

Mr. Deora wanted the ONGC to take on new challenges to explore new frontiers and opening up of new hydrocarbon provinces.

The next fifty years will witness substantive investments of funds and knowledge as the majority of new finds are to be made in geologically difficult areas.

He announced Rs. 1 crore each for the ONGC Golden Jubilee Cancer Care Centre and the ONGC Women Polytechnic. Another Rs. 50 lakh was announced for the establishment of a Bal Bhawan in Uttaranchal.

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