Oil and Natural Gas Corporation Ltd, India’s largest oil and gas producer, has been ranked 197 in the coveted Fortune Global 500 list. This ranking has come on the back of robust fiscal and physical performance in FY’18, in-spite of volatile global oil prices and operational challenges faced by the company. The company has been ranked fifth globally in the ‘mining and crude oil production’ industry category.
ONGC posted a net profit of Rs 19,945 crore (up 11.4% YoY) and gross revenue of Rs 85,004 crore (up 9.1% YoY). The company improved its gas production by 6.3% from ONGC operated fields and kept oil production nearly constant despite ageing fields. The company also set a new record in drilling efficiency by drilling 503 wells and made 12 discoveries, monetizing many of these to quickly augment output. ONGC has plans to invest around Rs 30,000 crore during the current financial year to ramp up its production further.
