The Oil and Natural Gas Corporation, which had tapped 6 billion tonnes of oil and natural gas in the past 45 years, is planning to double the production in the next 20 years, a top executive of the corporation said on Friday.

The total investment of ONGC on exploration during the 10th plan period would be Rs 46,000 crore (Rs 460 billion), including Rs 16,000 crore (Rs 160 billion) during 2003-04, Subir Raha, Chairman and Managing Director, told a press conference in Chennai.

The investment expenditure would be met through internal accruals as the ONGC was now having a surplus and reserve cash of Rs 8,000 crore (Rs 80 billion). The total net worth of the ONGC was now around Rs 34,000 crore (Rs 340 billion).

Raha said besides its own rig, Sagar Vijay, ONGC was planning to give contracts for deep water exploration. One rig from Brazil, which was capable of undertaking explorations at 1,800 metres, will arrive in India by the end of January next.

Another rig, capable of drilling at 3,000 metres deep, would come from Cape Town by November end this year, Raha said, adding that these two ships would undertake the jobs on a three-year contract period.

The total value of both these contracts, the biggest ever awarded in India, would be Rs 4,500 crore (Rs 45 billion), he said.

Raha said the deep water explorations would be undertaken in Mumbai offshore, Kerala-Konkan area, Cauvery, Krishna-Godavari and Mahanadi basins. Right now there are 37 'objects' in these areas, to facilitate tapping of nearly 4 billion tonnes of hydro-carbon. Recovery of oil and natural gas from the hydrocarbons now averaged 28 per cent, with higher recovery in some places.

"Our aim is to increase the recovery rate to 40 per cent," Raha said.

ONGC now has ten 'projects' in eight countries, including one in Vietnam for exploration purposes. The 11^th property would be acquired in Sudan.

"We are looking for four or five more projects from some more countries," he said, but refused to disclose their names.

"By the end of 2020, we may bring 20 million tonnes of equity oil to India from these countries," he said.

Raha said he had no information on privatisation move of the ONGC, in which central government had nearly 84 per cent stake. ONGC had a 'market cap' worth Rs 95,000 crore (Rs 950 billion) now.

The first retail outlet of the ONGC would be opened this year in Mangalore.