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ONGC to pour Rs 83,000 crore to boost oil and gas production

Friday, 16 Aug 2019
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Oil and Natural Gas Corporation (ONGC) is making an investment of around Rs 83,000 crore in 25 major projects to augment oil and gas production.

Of the projects, 15 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 tonne of oil and oil equivalent gas in their life cycle.

The company produced 24.23 million tonne of crude oil in 2018-19 and 25.81 billion cu mtr of natural gas from its domestic fields. Apart from this, another 10.1 million tonne of oil and 4.736 billion cu mtr of gas was produced from its overseas assets.

The company aims a natural gas output of over 32 billion cu mtr by FY24.

The Energy Strategy 2040 will help ONGC achieve three times revenue distributed across exploration and production, refining, marketing, and other businesses; four times current profit-after-tax (PAT), with 10 percent contribution from non-oil and gas business; and five to six times current market capitalisation.

The company earned the highest-ever revenue of Rs 1,09,655 crore in FY19, a growth of 29 percent Y-o-Y. The company also recorded a net profit of Rs 26,716 crore in Q1/FY20.

ONGC Videsh, the company’s overseas investment arm, recorded the highest ever production of 14.83 million tonne of oil and oil equivalent gas during FY19.

Mangalore Refinery and Petrochemicals (MRPL),  also subsidiary of the company achieved the highest-ever throughput of 16.43 million tonne with a capacity utilisation of 109.5 percent.

Hindustan Petroleum Corporation (HPCL) also registered highest-ever sales volume of 38.7 million tonne with a domestic sales growth of 4.7 percent.

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