ONGC plans higher investment in N-E

This was stated here by Bikash Chandra Bora, Chairman and Managing Director, during his recent visit to ONGC eastern region headquarters at Nazira.

Bora also said oil and gas production in this region, which showed a declining trend in the past few years, had started to pick up since last year. He added that oil production in this region went up to 2.047 million metric tonne (MMT) in 1997-98 against 1.92 MMT in the previous year.

Similarly gas sale in this region during 1997-98 stood at the level of 283.12 million cubic metre (MCM) against 275 MCM in the previous year.

Bora said net revenue earnings in this region went up to Rs 381crore in 1997-98 as against Rs 371 crore in the previous year. According to the Bora, the eastern region of the ONGC contributed Rs 134 crore to the Assam government exchequer in form of royalty and sale-tax during the year 1997-98.

He also stated that inspite of a number of constraints like frequent bandhs, ONGC had made some significant breakthroughs in the discovery of new oil-bearing zones and in exploration and production fronts.

The new prospective oil-bearing areas in Assam were Panidihing in upper Assam, the north bank of the Brahmaputra, and the neutral zone between Assam and Nagaland border.

He informed the newspersons that the Dhansiri Valley Project, comprising areas both in Nagaland and Assam, was another prospective oil zone, but because of a number of constraints, the operational progress in had been quite sluggish. The forest reserves in Assam were prospective oil-bearing zones, but it was not easy to get environmental clearance for in forest reserve areas, he said.