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"Our growth in the hydro-carbon sector and as an oil and gas exploration company during the said period was satisfactory", Raha said.
Despite ONGC emerging as profit making organisation, it was suffering a loss of about Rs 200 crore (Rs 2 billion) in Tripura per annum because of its inability to sell gas due to communication bottleneck, he said.
Raha said ONGC was now working on an ambitious joint venture project for setting up a 750 MW gas-based thermal unit at Palatana in South Tripura district, to be completed in 30 months.
In the project -ONGC Tripura Power Project - Tripura government will have 24 percent share, ONGC 26 percent share and the rest will be collected by selling equity share in the market, he said.
Raha, who is also the chairman of the project, said effort was being made to involve North Eastern Power Corporation in the project "but nothing has been finalised".
He said NEPCO was setting up a separate gas-based thermal power project of 280 MW at Monarchak in West Tripura district and the ONGC had agreed to provide them gas at the market price.
Raha said altogether Rs 3500 crore (Rs 35 billion) would be invested in the ONGC's Tripura project, the biggest ever investment of the ONGC in the north-east.
He said there would also be huge investment in upgrading national power grid for transportation of power to other states.
Four states - Tripura, West Bengal, Meghalaya and Assam - had applied for power and it was presumed that more than 600 MW power could be sold to these states and the rest could be sold to Bangladesh if it wanted, the ONGC chairman said.
The CMD said ONGC was also experimenting with setting up a project for generation of fuel for running vehicles from the executives of used gas, commonly known as 'condensate gas'.