New Delhi: Energy major Oil and Natural Gas Corp (ONGC) is investing around Rs 83,000 crore in 25 major projects to boost oil and gas production, which has stagnated over last years, its chairman and managing director Shashi Shanker said. He said: "15 of these projects currently under execution will directly contribute to oil and gas production."
"The cumulative oil and gas gain from these projects is expected to be over 180 million tonne of oil and oil equivalent gas in their life cycle," 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.
ONGC envisages a natural gas output of over 32 bcm by FY24, Shanker said in his which was webcast from company headquarters in Dehradun to 30,000-plus employees across 38 work locations of ONGC, it said. The directors of ONGC were also present on the occasion. He talked about the ambitious 'Energy Strategy 2040' that will help ONGC achieve "three times revenue." He said ONGC earned the highest ever revenue of Rs 1,09,655 crore in 2018-19, an increase of 29% over the previous fiscal. It has also logged a record net profit of Rs 26,716 crore, up 34%.