OREANDA-NEWS. April 26, 2012. ONGC chairman-cum-managing director Sudhir Basudeva on Tuesday said that the oild company will soon start exploration of oil and gas in foreign countries. Basudva made the disclosure at the annual general meeting of the ONGC Tripura Power Company Ltd (OTPC) here on Tuesday, which was also attended by the company's six directors.

OTPC is set to start generating 726 MW capacity thermal power for commercial purposes at the Palatana plant in South Tripura. Basudeva, however, pointed out that the Indian basin has become limited for ONGC and that prompted them to go for acquisition of new exploratory areas in South China Sea and ONGC-Videsh was selected after an international bid.

ONGC expects to find 60 lakh cubic meter of gas in Tripura to ensure the setting up of a Rs 5,000 crore fertilizer manufacturing unit at Khobal point in Panisagar of North Tripura, Basudeva stated. He also informed that at least six big investors had expressed interest in investing in the project. At present, ONGC produces 20 lakh cubic meter gas in Tripura and the company will initiate massive exploration drive in the state to reach the target.