NEW DELHI : India’s top oil and gas producer ONGC on Friday unveiled a $15-16 billion investment plan to double output from its domestic and overseas fields, expand its refining capacity three folds and diversify into renewables to earn four times higher net profit by 2040.
Oil and Natural Gas Corp (ONGC), which has seen crude oil production stagnate as a majority of its prime fields are ageing and are past their prime, has adopted a new ‘Energy Strategy 2040’, company Chairman and Managing Director Shashi Shanker told reporters here.
The company, which started with an equity infusion of ₹343 crore by the government more than six decades back, has generated a wealth of over ₹9 lakh crore since then and is now venturing on a new road to further enhance value.
