Oil and Natural Gas Corporation Ltd (ONGC)will invest close to ₹83,000 crore on 25 major projects. ONGC Chairman and Managing Director (CMD) Shashi Shanker said, “Fifteen of these projects that are currently under execution 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 equivalents (MMtoe) in their life-cycle.”
He was addressing company employees at the 73rd Independence Day. ONGC envisages a gas output of over 32 billion cubic metres (BCM) by financial year 2023-2024.
Shankar said under the ‘Energy Strategy 2040’, ONGC will achieve three times the revenue distributed across E&P, refining, marketing and other businesses.
The company is targeting four times the current profit after tax (PAT), with 10 per cent contribution from the non-oil and gas business and five to six times the current market capitalisation, he said.