Oil and Natural Gas Corp (ONGC) would invest Rs 19,338 crore in oil and gas exploration in the existing fiscal (2008-09), which is around 10% more than its investment of Rs 17,651 crore during the previous year. 

Mr. R S Sharma, ONGC Chairman, said, “Improving the reserve replacement ratio by intensifying exploratory efforts is company's first priority.” 

“Improving recovery factor, arresting decline in mature fields and expeditious development of discovered fields are the other priorities,” Mr. Sharma said. 

For 2007-08, the company has announced a final dividend of Rs 14 per share, which is over and above Rs 18 per share interim dividend during December 2007. 

Mr. Sharma also said that ONGC will pump in over $5 billion in developing gas finds in eastern offshore Krishna Godavari basin blocks - KG-DWN-98/2 and KG-OS-DW4. 

ONGC Videsh Ltd, the company’s overseas subsidiary, is eyeing 39.47 million tonnes of oil and oil equivalent gas from foreign properties during 11th plan as compared to 23.25 million tonnes in 10th plan. 

ONGC’s refinery arm Mangalore Refinery has decided to raise its overall production capacity to 15 million tonnes by the next two years (2010).

Moreover, ONGC also plans to foray into solar and geothermal energy.

The company is in talks with four companies, including a Silicon Valley-based Sun One and US-based firm for setting up a photovoltaic (PV) cells unit.

At 1:49 pm, shares of the company stood at Rs 1,041, up 4.2%, on the BSE. The share price has seen a 52-week high of Rs 1386.90 and a low of Rs 780 on BSE.