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ONGC Assam Asset’s crude oil output rises

ONGC's Assam Asset has registered an increase in crude oil production to 1.223 Million Metric Tonnes (mmt) during the financial year 2012-13 as against 1.202 mmt in the previous fiscal.

Despite facing various constraints like ageing oil fields, depleting reservoir pressure, heavy monsoons etc, ONGC's Assam Asset, the company's oldest Asset, has been able to meet its targets for the third consecutive year, asset manager B K Baruah said at Nazira on Thursday.

In the gas segment too,  the company has  registered a production of 472.2 mmscm, thereby surpassing its target of 452.6 mmscm.

'On the production front, our performance has been quite satisfying although we faced unprecedented monsoon and flood situation during the year,' Baruah added.

Drilling services of the asset has achieved 100 per cent target of operating 34 wells and this success can be attributed to continuous monitoring and pro-active measures taken during the year. Following the continued success, the asset would go ahead with the perspective plan-2030 which aims a two-fold growth in production, three-fold growth in revenue and profit, four-fold growth in market capitalisation and six-fold growth in international production by 2030.

In order to achieve the targets, Assam Asset has taken various steps like proper planning and timely resource mobilisation, reprioritisation of development drilling, adopting prudent reservoir management practices and judicious review offieldproduction performances. Assam Asset did not limit its focus on the production and operational areas only, but also displayed significant improvement in the performance of support services to enable overall progress of the Asset, Baruah added.

A slew of orporate social responsibility (CSR) schemes have been undertaken by the asset during the last financial year.

These include financial assistance for rebuilding of twelve PWD Roads, Kendriya Vidyalayas and other schools, beautification of Simaluguri Railway Station Road and Gandhi Maidan Park at Nazira Town, among others.

The company also implemented some major projects at the corporate level which include ONGC-GICEIT (Gandhi Institute of Computer Education and Information Technology) at Nazira, 'Amulya Dharohar' for preservation of heritage sites of Ahom dynasty in association with ASI in Sivasagar and 'Varisthajana Swastha Seva Abhiyan', a health care programme for senior citizens in rural areas under which Mobile Medicare Units were provided.

Baruah pointed out that a major CSR project planned during the current financial year 2013-14 was the setting up of a 300 bed Multi-Speciality Hospital at Sivasagar at a cost of Rs 100 crore during the first phase.

ONGC Assam Asset has always been proactive in championing the social cause and is trying its best to contribute to the socio-economic, cultural, educational, entrepreneurship, health care and sports, General Manager Corporate Communications/Support Manager Pallab Bhattacharya said.

'We are firmly committed to the local community and will continue to contribute to the social sector,' he added.


ONGC PIPS TCS TO BECOME INDIA’S MOST VALUED FIRM

State-owned energy major Oil and Natural Gas Corporation on Thursday became the country's most-valued company with market capitalisation of over Rs 2.86 lakh crore, surpassing Tata Group's software services company TCS. At the end of the day's trade, ONGC commanded a market value of Rs 2,86,223 crore, the highest for any listed company in India. This is about Rs 2,289 crore more than Tata Consultancy Services' market capitalisation of Rs 2,83,934 crore.

Shares of ONGC ended 1.73 per cent higher, while those of TCS dipped 0.58 per cent at the end of day's trade. Reliance Industries with a market capitalisation of Rs 2,52,968 crore is the third most valued company, followed by ITC (Rs 2,49,144 crore) and Coal India (Rs 1,89,017 crore).

Market capitalisation or the value of a listed company is arrived at by multiplying the total number of its shares with its stock price on a particular day or time. This figure changes daily with the change in the stock price.
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