(PTI)
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, is targeting over 14 per cent jump in output to 14.37 million tonne (MT) in the current fiscal, with its fields in Russia contributing half of the total. Talking to reporters on the sidelines of an industry event, OVL Managing Director Narendra K Verma said OVL had in 2016-17 produced 12.57 MT crude oil and equivalent natural gas from its assets abroad.
OVL output was 8.92 MT oil and oil equivalent gas in the previous 2015-16 fiscal. “In the current year we are targeting 14.37 million tons oil equivalent production,” he said. OVL Director (Finance) Vivekanand said half of the current year’s production would come from Russia’s Vankor oilfield in which the company last year acquired 26 per cent stake.
