ONGC plans to raise crude oil production, natural gas output by 2020

NewsBharati    23-Oct-2017
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New Delhi, October 23: To raise crude oil production by four metric tonnes (MT) and also the natural gas output to be doubled by 2020, Oil and Natural Gas Corporation (ONGC) has drafted a plan. ONGC ranked 12th among Oil & Gas companies based on Research and Development expenditure which has generated a record 4170 million units during Financial Year 2017.

 

The crude oil production will be raised from 22.6 MT in 2017-18 to 26.42 MT in 2021-22 by the nation's biggest oil and gas producer. Two years after PM set the target for reducing oil import dependence by 10 percent, from 77 percent in 2013-14, the 'Roadmap for Import Reduction' has been prepared by the state-owned firm.

In a press conference, ONGC Chairman Shashi Shanker said that Prime Minister Narendra Modi had given a call to cut country's oil imports by 10 percent by 2022 and ONGC's roadmap for a meeting that is ready. From the financial year 2005-06 to 2015-16, India spends almost 1 trillion dollars on crude imports. From the Financial year 2016, the turnover of ONGC is Rs.12,628 which is up by 22%.

Founded on 14 August 1956, Oil and Natural Gas Corporation Limited (ONGC) is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. ONGC is India's largest oil and gas exploration and production company. Around 77% of India's crude oil and around 62% of its natural gas is produced by ONGC.



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