News Brief | October 2015
ONGC identifies 6 projects to propel its next phase of growth
India´s biggest oil and gas explorer, Oil and Natural Gas Corporation, has identified six major field development projects with an investment of Rs 241,881 million (~Rs 24,000 crore), over and above its flagship development project in the Krishna-Godavari (KG) basin to power the next phase of its growth.
According to the annual report, of the six projects earmarked for incremental oil and gas production, four are in the western offshore region.
These projects, are expected to help the state-owned company maintain its growth rate in the production of oil and natural gas, and contribute almost 14 per cent of its domestic crude oil and 15 per cent of its domestic gas output in the coming years, the company said in its annual report sent to shareholders.
ONGC has in the past financial year, reversed its downward trend in crude oil for the first time by posting a marginal jump in production, raising hopes that the years of subdued production are over and the company will be more prominent role in reducing the sector´s import bill.