ONGC charts course for new 'avatar'; targets investment of USD 15-16 billion

Mumbai: India's top oil and gas producer ONGC on Friday unveiled a USD 15-16 billion investment plan to double output from its domestic and overseas fields and expand its refining capacity three folds alongside diversification into renewables in a new vision document for 2040.

"The new strategy document aims to transforms ONGC in a new 'avatar' in this new energy landscape as a diversified energy company with strong contribution from non-E&P businesses," Oil and Natural Gas Corp (ONGC) Chairman and MD Shashi Shanker said.

ONGC Energy Strategy 2040 envisions the company as "A diversified energy company with a strong contribution from non E&P business; 3x revenues and about 5-6x market capitalisation," he said.

The firm produced 24.23 million tonne of crude oil in the 2018-19 fiscal year and 25.81 billion cubic metres of natural gas from its domestic fields. Another 10.1 million tonne of oil and 4.736 bcm of gas was produced from its overseas assets.

It is investing around Rs 86,000 crore in 27 major projects to boost oil and gas production.

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