(LiveMint)
Oil and Natural Gas Corp (ONGC) is investing around ₹83,000 crore in 25 major projects to boost oil and gas production, chairman and managing director Shashi Shanker said on Thursday. Addressing ONGC employees on the 73rd Independence Day, he said: “Fifteen of these projects are currently under execution and will directly contribute to oil and gas production.”
“The cumulative oil and gas gain from these projects is expected to be over 180 million tonnes of oil and oil equivalent gas in their life cycle.” The firm produced 24.23 million tonnes of crude oil in 2018-19 and 25.81 billion cubic metres of natural gas from its domestic fields. Another 10.1 million tonnes of oil and 4.736 billion cubic metres of gas was produced from its overseas assets.
ONGC envisages a natural gas output of over 32 billion cubic metres by FY24, Shanker said in his address, which was webcast from the company’s headquarters in Dehradun to 30,000-plus employees across 38 work locations of ONGC, according to a company statement.
