ONGC declines discovery of uranium in Assam | business | Hindustan Times
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ONGC declines discovery of uranium in Assam

business Updated: Nov 17, 2009 17:53 IST

The oil exploration firm, ONGC has not discovered any uranium reserve in Assam as yet, a top company official said. In order to boost the declining uranium mining effort, the Oil and Natural Gas Corporation had located a site in Assam for the necessary research.

"We have not found any uranium reserves so far but traces of some radio active element have been found. We are yet to confirm what it is," ONGC's Chairman, R S Sharma, told reporters on the sidelines of a conference here today. This was said in a bid to correct the reports carried by a section of the media that ONGC had discovered uranium during its exploration work. The site in question is the Borholla oilfield in Jorhat district, nearly 360 kms east of Guwahati.

When questioned what the impact of the Government hike in the oil prices by 31 percent would have on the copany, Sharma said that the company would then stand to earn a whopping revenue of Rs. 15,000 crore.

"(If prices were hiked) the company expects a revenue of Rs 15,000-crore per annum," he said.