Modi announced state-owned ONGC would double its exploration budget for natural gas
Prime Minister Narendra Modi said on Monday that the government would promote gas-based generation to power India's economy. On the last leg of his three-day visit to the Northeast, Modi announced state-owned ONGC would double its exploration budget for natural gas.
Modi was addressing a public rally after the inauguration of ONGC Tripura Power Company (OTPC)'s second unit of 363 Mw at Palatanam, in which ONGC holds 50 per cent equity in the project, while ILF&S has a 26 per cent stake. Prime Minister Narendra Modi said on Monday that the government would promote gas-based generation to power India's economy.
On the last leg of his three-day visit to the northeast, Modi announced state-owned Oil and Natural Gas Corporation (ONGC) would double its exploration budget for natural gas.
Modi was addressing a public rally after the inauguration of ONGC Tripura Power Company (OTPC)'s second unit of 363 Mw at Palatanam, in which ONGC holds 50 per cent equity in the project, while ILF&S has a 26 per cent stake.
During his speech, Modi said the government would convert its 'Look East' policy into 'Act East'. He added the government had signed an agreement with Japan to open an economic corridor with Myanmar, which would start from the northeast and boost employment in the region.
"Since the 21st century is said to belong to Asia, the northeast has the potential to become the gateway to Asia," Modi noted. Towards this end, the government would build modern infrastructure in the northeast, to unlock the region's potential, Modi added. He also said that if Bangladesh wanted to buy power, India was willing to sell it.
Striking a different cord, Tripura chief minister Manik Sarkar said the state government was keen on setting up gas-based urea and petrochemical plants instead of using gas just for the power plant.
The Palantala power plant has a capacity of 726 Mw, of which Assam has an allocation of 240 Mw, Tripura 196 Mw, Meghalaya 79 Mw, Manipur 42 Mw, Nagaland 27 Mw, Arunachal Pradesh 22 Mw, Mizoram 22 Mw and 98 Mw is to be sold on merchant basis by OTPC. Bangladesh is likely to get power from OTPC's share.
ONGC owns significant natural gas reserves in Tripura. However, these could not be commercially developed owing to low industrial demand in the region. In order to optimally utilise the gas available in the state, ONGC decided to monetise the gas reserves by setting up the 726.6-Mw Combined Cycle Gas Turbine power plant close to its gas fields along with an associated power transmission system from the project site to Bongaigaon in Assam.
During his speech, Modi said the government would convert its 'Look East' policy into 'Act East'. He added the government had signed an agreement with Japan to open an economic corridor with Myanmar, which would start from the northeast and boost employment in the region.
"Since the 21st century is said to belong to Asia, the northeast has the potential to become the gateway to Asia," Modi noted. Towards this end, the government would build modern infrastructure in the northeast, to unlock the region's potential, Modi added. He also said that if Bangladesh wanted to buy power, India was willing to sell it.
Striking a different cord, Tripura chief minister Manik Sarkar said the state government was keen on setting up gas-based urea and petrochemical plants instead of using gas just for the power plant.
The Palantala power plant has a capacity of 726 Mw, of which Assam has an allocation of 240 Mw, Tripura 196 Mw, Meghalaya 79 Mw, Manipur 42 Mw, Nagaland 27 Mw, Arunachal Pradesh 22 Mw, Mizoram 22 Mw and 98 Mw is to be sold on merchant basis by OTPC. Bangladesh is likely to get power from OTPC's share.
ONGC owns significant natural gas reserves in Tripura. However, these could not be commercially developed owing to low industrial demand in the region. In order to optimally utilise the gas available in the state, ONGC decided to monetise the gas reserves by setting up the 726.6-Mw Combined Cycle Gas Turbine power plant close to its gas fields along with an associated power transmission system from the project site to Bongaigaon in Assam.
Source:Business standard
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