ONGC to enter nuclear, solar energy sectors

Oil and Natural Gas Corporation (ONGC) intends to enter the nuclear energy sector following all clearances to the Indo-US nuclear deal, according to its Chairman-cum-Managing Director RS Sharma.

“Nuclear and solar energy are clean fuels. We are carrying out research in this regard,” Sharma said at a function to celebrate the 50 years of oil find at its headquarters here. The oil was found at Lunej in Cambay (Gujarat).

“The company is more inclined toward utilising solar energy because of its ample availability in the country,” said Sharma. Stating that known hydrocarbon reserves in India are only 0.5 per cent of the global total, Sharma said oil and gas would not be able to fulfil the energy needs of the country. “We have to look beyond oil and gas and work on nuclear, solar and gas hydrates,” he said.

Sharma said ONGC would continue to excel and is already producing 1.1 million barrels of oil equivalent (BOE). ONGC employees could also look forward to new career opportunities in overseas projects as well as new companies like Mangalore Refineries, he said. “Let us rededicate ourselves in making the country self-sufficient in energy,” he said.

Supporting Sharma’s statement, an ONGC official said the company could play a bigger role as far nuclear energy was concerned. “Given the infrastructure and R&D facilities, ONGC can play a very big role in nuclear energy,” he said.