The Board of Directors of Oil and Natural Gas Corporation Ltd. (ONGC) at its meeting has considered and approved investments of Rs. 7,778 crore in ONGC Petro additions Limited (OPaL). 

Additional equity infusion to ensure viability of OPaL, to provide feedstock support and other suitable measures. 

Payment of balance call money of Rs. 86.281 crore (@Rs. 0.25/per warrant) with respect to share warrants subscribed by the company and conversion of said warrants into equity shares and Buy-back of Compulsorily Convertible Debentures (CCDs) issued of Rs. 7,778 crore in 3 tranches by OPaL from Financial Institutions/Banks/Mutual Funds and other holders on or before put/call/buy option dates of respective tranche(s) and conversion of said CCDs into equity shares. 

The company holds an equity stake of 49.36% in the share capital of OPaL. In addition, conversion of “warrants into equity shares” would enhance equity stake to 81.28% and subsequent “conversion of CCDs into equity shares” would further enhance the equity stake to 92.27% in diluted share capital of OPaL. 

The Board also noted the decision of Government of India, as an interim measure, to allocate 50% of the annual gas production from new wells or well interventions in nomination fields of ONGC or upto 3.2 MMSCMD of domestic natural gas, whichever is lower.  

Accordingly, the Board has also noted for supply of natural gas from new wells or well interventions of nomination fields to ONGC C2-C3 plant at Dahej for extraction of C2/C3/C4 for an interim period of five years for swap replenishment supply as per the existing mechanism or upto 3.2 MMSCMD of domestic natural gas, whichever is lower.