ONGC plans to import LNG as feedstock for Mangalore and Dahej

20-Sep-06

Oil and Natural Gas Corp (ONGC) continues talks with various global suppliers for import of liquefied natural gas (LNG), and could import up to 10 million tpa of LNG when its petrochemical plants at Mangalore and Dahej come on stream. LNG could emerge as a major business for ONGC in future, and besides importing LNG for use as feedstock in its petrochemicals plant, ONGC may also enter into trading of gas. ONGC continues its talks with Qatar, Egypt and Australia to import at least 5 million tpa of LNG. ONGC is seeking oilfields in Kazakhstan and Cuba and has recently signed an agreement with Brazil's Petroleo Brasileiro SA for cooperation in oil and gas exploration, production and sales. The company has won approval from Cuba for taking stake in blocks N-34 and N-35 in Gulf of Mexico, and would domestically win at least half of the 45 oil and gas blocks it bid for in the sixth auction under new exploration licensing policy (NELP-6).