Profits at ONGC spur frontier exploration
Efforts are on to accelerate exploration in India's 'frontier' basins, according to an ONGC statement.
The note - released on 26th July to announce first quarter results - said the corporation is preparing drilling sites in the sparsely explored Himalayan foothills. It also pointed to drilling of its deepwater wells and its Damoh drill site in Madhya Pradesh.
Encouraging results are emerging from ONGC's coal bed methane programme at Jharia, said the note, adding that ONGC is examining a development programme to commercialise production. The corporation announced a 55% increase in net profit to Rs938cr ($218m) over last year in the first quarter ending June 30th.