ONGC Witnesses Rs 1,21,318cr Investment In 11th Plan

New Delhi: ONGC Group will infuse Rs 1,21,318 crore in the Eleventh Plan period (2007-12) compared with Rs 75,380 crore in the previous Plan period. ONGC Videsh Ltd (OVL) will invest Rs 45,334 crore in five years to 2012, compared with Rs 25,052 crore in the Tenth Plan. Group company MRPL will infuse Rs 8,316 crore compared with Rs 765 crore in the previous Plan. The exploratory efforts of ONGC led to 22 discoveries, out of which nine were new prospects and 13 were new pools. A total of 88 exploratory and 178 development wells were drilled in the fiscal. ONGC, which registered highest in-place reserves accretion in 11 years (in ONGC operated areas) of 169.52 million tonne of oil equivalent, is looking at in-place volumes of more than 100 mt from the nine discoveries and 13 new pools.