NEW DELHI: The Oil and Natural Gas Corporation Mittal Energy Limited (OMEL) is in an advanced stage of signing a farm-out agreement for an exploration block in Turkmenistan. It has also bid for an offshore block in Trinidad and Tobago and is looking for opportunities in Kazakhstan, Azerbaijan and Indonesia.

ONGC chairman R.S. Sharma said negotiations on the projects in Indonesia, Azerbaijan and Kazakhstan were progressing and positive results expected soon.

Expanding ties

The ONGC and Russia's Rosneft Oil Company already agreed to expand their relationship in projects based in Russia, India and third countries including the prestigious Sakhalin-II and IV.

The companies would jointly study possibilities for mutual projects in exploration, production and marketing as well as others in the hydrocarbon industry, including joint bidding for oil and gas stakes in Russia, India and third countries.

The first consignment of 6,72,000 barrels of Sokol Equity crude from Sakhalin-I fields in Russia of ONGC Videsh Limited was received in Mangalore in December last.

Turnover up

Mr. Sharma said the ONGC posted a net profit of Rs. 4,668 crore in the third quarter of fiscal 2006-07. The turnover increased by 25 per cent to Rs. 15,631 crore, despite a subsidy payout of Rs. 2,204 crore to oil marketing companies.

With increased techno-managerial interventions, both oil and gas production and financials moved up.

The ONGC was ranked number one Exploration and Production (E&P) company and 20th among leading global energy majors according to the "Platts Top 250 Global Energy Company Ranking."

The Department of Public Enterprises under the Ministry of Heavy Industries and Public Enterprises rated its performance "excellent."

New gas pipeline

The ONGC board approved the new Uran-Trombay gas pipeline project. A new pipeline would be laid to replace the existing one at a cost of Rs. 236 crore.

It also approved Rs. 6,152-crore investment proposals for projects in Western onshore, which contributes around 71 per cent of the total oil and oil equivalent gas of the ONGC.

The board gave the nod for construction of a new process complex at Mumbai High North near the old Bombay High North platform.

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