ONGC set to inc JV with Uranium Corp

The Oil & Natural Gas Corporation (ONGC) will soon enter into a joint venture with the Uranium Corporation for the exploration and extraction of uranium in the country. ONGC, Uranium Corporation, atomic energy commission and department of atomic energy are expected to discuss about the proposed JV at the meeting scheduled on Tuesday in New Delhi.

However, the oil major is not eyeing nuclear power generation. According to ONGC director (human resources and business development), ?ONGC has a wherewithal especially oil and gas well log data. So far the company is not looking at the aspect of uranium extraction and exploration. However, it will tie up with the Uranium Corporation for extraction and exploration of uranium. As of now ONGC?s presence in the nuclear segment will be restricted to this aspect and not with the nuclear power generation.?

At a later stage it may consider joining hands with Nuclear Power Corporation. NTPC and Nuclear Power Corporation will soon form a JV to set up two nuclear reactors of 1,000 mw each. ONGC and Uranium Corporation may supply uranium for these projects.

Recently, ONGC chairman and managing director RS Sharma announced the company?s foray into the nuclear sector though he did not divulge details. ONGC?s Energy Centre situated in

New Delhi has already prepared a comprehensive report on the company?s entry into the uranium exploration and extraction.

Balyan said the JV details are still being worked out. ?ONGC?s advantage is that it has all the data relating to wells and it can be used in association with the Uranium Corporation for the purpose of exploration and extraction of uranium. It can be supplied to the existing and upcoming nuclear power plants in the country,? he added.

Besides ONGC, which has commissioned the 50-mw wind power project with an investment of Rs 400 crore in Gujarat, proposes to expand its installed capacity over 500 mw by 2017. The company also plans to expand the present capacity at Gujarat and also set up new generation capacities in Karnataka and Tamil Nadu.