New Delhi, Nov. 9: State-owned ONGC plans to tap the nuclear power segment in a bid to become an integrated energy player.

“Hydrocarbons will not be able to meet the energy needs of the country. We are exploring the opportunity of entering the nuclear energy sector and we are analysing data found in our oil and gas exploration,” ONGC chairman and managing director R.S. Sharma said on the sidelines of the India Economic Summit.

According to Sharma, there is ample scope to set up nuclear-based plants in India.

ONGC is already working on uranium exploration under an MoU with Uranium Corporation of India Ltd (UCIL). A nuclear power plant is the next step, depending on the commercial viability of the uranium, Sharma said.

“The business plan for the nuclear foray will be discussed at the company’s strategy meeting shortly,” the ONGC chief added.

ONGC seeks to leverage its expertise in hydrocarbons in the uranium venture with UCIL.

“There will be an opportunity to synergise the respective strengths of both ONGC and UCIL in pursuing opportunities for exploration of uranium in India and abroad,” officials said.

At present, nuclear power plants can be set up only by the Nuclear Power Corporation of India, while uranium can be mined by UCIL.

India has 17 nuclear power plants with a capacity of 4,120MW. However, most of the plants are operating at half their capacity because of the shortage of uranium. Three plants with a capacity of 2,660MW are expected to be commissioned by March 2010.

The country plans to set up 18 to 20 nuclear power plants over the next 15 years.

According to the Planning Commission, the total capacity in nuclear power is expected to be around 20,000MW by 2017.