Oil and Natural Gas Corporation looks to reverse output decline

India’s largest oila nd gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter as it invests billions of dollars to produce from newer discoveries, the company’s management told investors in a call.

Oil and Natural Gas Corporation (ONGC) in the fiscal year 2021-22 produced 21.707million tonnes (mt) of crude oil, which is refined to produce petroleum products such as petrol and diesel, and 21.68billion cubic metres (bcm) of natural gas, used to produce electricity, manufacture fertilizer and used as CNG in automobiles.

In the current fiscal, crude oil production is slated to rise to 22.823mt and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636mt and to 25.689mt in2024-25, the management told investors in a call after its Q2 earnings last week.