APRIL 20239Canadian shareholder Brook-field agreed to make invest-ments of $1 billion in Avaada Ventures in what will be the biggest green energy bet in the country. A formal contract was signed lately be-tween Brookfield and serial entrepre-neur Vineet Mittal, leader of the Avaada group, and the first tranche of $400 million has been disbursed, people aware of the matter said on condition of anonymity. The remaining $600 million will be disbursed based on performance-linked milestones as projects scale up. Avaada Ventures is the holding company of the group. Funds raised from Brookfield will not only be used for the group's solar cell/module manufacturing and green ammonia plans, but also for scaling up its renewable energy generation capacity. Avaada is also negotiating with an existing investor, Thailand's state-owned utility PTT, to deploy another $300 million. PTT had in July 2021 invested $454 million in Avaada Energy, the solar arm of the Avaada Group, and holds a 43 percent stake in that unit. The additional investment by PTT may be made in the solar arm, said the people cited above. Shareholder approvals and clearances are being worked out before a formal announcement on the fundraising is made, they added. The ONGC Tripura Asset broke all previous records with its 2022­23 FY annual gas output of 1,675 Million Standard Cubic Metres (MMSCM) in the northeastern state. Previous to this, ONGC generated the most natural gas in the northeastern state during the 2020­21 fiscal year, recording a 1,634 MMSCM output. "Oil and gas exploration is a dangerous industry with numerous moving parts and constant technological involvement. The outcomes do not always match the inputs. We are pleased that the ONGC Tripura Asset was able to succeed despite the difficulties that it faced "The representative remarked. He claimed that numerous operationalinitiatives, including the installation of plunger lifts, mobile separators, and routine activation of low-pressure wells, were put into motion over the previous couple of years in order to achieve record production and also to sustain a high level of output in the ensuing days. Additionally, he added, "ONGC has recently contracted Aerial Hydrocarbon Survey to map the more remote regions and Advanced Hi-tech Drilling Rigs to drill deeper and more precise wells in tough terrain in order to tackle the logistical and geological problems of the region. Five to six search gas rigs are already in operation, while one of the three high-tech rigs have already been commissioned and the other two will soon be put into service. ONGC Tripura Asset has recorded a three percent growth in production over the last six years, despite the fields' isolation and steep decline rates. Not only that, but in FY'2022-23, the Asset has 49 times exceeded the five MMSCMD barrier, a sought operating benchmark for many years. TOP STORIES BROOKFIELD TO INVEST $1 BILLION IN AVAADAONGC TRIPURA ASSET POSTS HIGH EVER GAS PRODUCTION
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