Oil & Natural Gas Corporation Ltd.

State run firm, Oil and Natural Gas Corporation is in talks with Karnataka Government for issuance of Renewable Energy Certificate (REC), power purchase rates and land in order to establish 1,000-MW solar power project. It is planning to invest up to Rs 5,000 crore in this project. The company is yet to identify a suitable place for the project, but has initiated talks on REC for the rate at which it needs to sell power to state electricity supply companies.

ONGC, the country’s largest oil & gas producer, has drawn a roadmap to make substantial investment over a period of next five years both in exploration & developmental activities, and deepwater exploration and development constitutes a major component of the same. Under this plan, ONGC has a conservative estimate to produce about 6 to 9 MMSCMD of gas by mid-2017 from G-4, KG-DWN - D & E fields in the first phase.