The board of directors of ONGC, which met here on Monday, approved the revised configuration of Dahej Petrochemicals Project being implemented by the companys subsidiary ONGC Petro-additions Ltd (OPAL).
The project was initially configured with a styrene butadiene rubber (SBR)a unit to produce rubber, and a dedicated HDPE (high-density polyethylene) unit that have now been removed in view of current market demand-supply dynamics, a company press release said here.
ONGC has management control with 26% stake in OPAL.
The capex has come down from Rs 13,540 crore to 12,440 crore, with ONGCs equity contribution at Rs 970 crore. The internal rate of return of the project works out to be 15.4%. The reconfigured project is expected to be completed by February 2012, it said.
ONGC also said it has made four oil and gas discoveries during the past one month.
Oil regulator DGH has been notified three onland discoveries in Assam and western onshore and one in shallow waters off the west coast.