Venkaiah Naidu stresses on expediting oil exploration projects

Vice-President M Venkaiah Naidu today asked oil companies to expedite projects to increase the production and new exploration of oil and gas to meet the country's energy demands.

"I suggest you to work hard to expedite projects to increase the production and new explorations of oil and gas to meet the energy demands of the country," he told the heads of three public sector oil companies at a programme here.

The Chairman and Managing Directors of ONGC, Hindustan Petroleum Corporation Limited and Gas Authority of India Limited, gave presentations, explaining to the Vice-President the ongoing projects in different parts of the country, with special focus on Andhra Pradesh.

Naidu advised the companies to expedite projects in Andhra Pradesh and sort out issues, if any, with the state government and become partners in the progress of the nation.

"Andhra Pradesh is a progressive stateand you should sort out the issues, if any, and get the projects going," he said adding import dependence for oil and gasshould be reduced substantially.

He suggested to the ONGC chairman to establish a corporate office in Andhra Pradesh to look after the needs of the east coast.

Naidu said he was given to understand that projects entailing investment of more than Rs 1,10,000 crore were currently in progress, or to be taken up shortly, in the state.

HPCL Chairman and Managing Director M K Surana said the company was investing roughly Rs 31,000 crore in projects in Andhra Pradesh.

CMDs of GAIL and ONGC explained about the projects undertaken by the companies in the state.