ONGC ON THE EXPANSION, EXPLORES SETTING UP REFINERY IN GUJARAT

India's state-run company,

is exploring the possibility to build a 200,000-240,000 barrels per day refinery at Jamnagar in the Indian state of Gujarat. At the moment, the company is doing a pre-feasibility study for this project. India is the world's third-biggest oil importer and consumer, and therefore wants to position itself as a global refining hub so it is loking at expanding it's refining capacity. In another development, had recently signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in Andaman, Mahanadi, Saurashtra, and Bengal regions of India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential thereby strengthening India's long-term energy security. As part of the agreement, will be investing the money and BP will provide it's expertise to the project. With India's strong economic growth, the demand for petroleum products will continously increase thereby giving a boost to ONGC's growth story.