ONGC charts course for new ‘avatar’
India’s top oil and gas producer ONGC on Friday unveiled a USD 15-16 billion investment plan to double output from its domestic and overseas fields and expand its refining capacity three folds alongside diversification into renewables in a new vision document for 2040.
“The new strategy document aims to transforms ONGC in a new ‘avatar’ in this new energy landscape as a diversified energy company with strong contribution from non-E&P businesses,” Oil and Natural Gas Corp (ONGC) Chairman and Managing Director Shashi Shanker told reporters here.
ONGC Energy Strategy 2040 envisions the company as “A diversified energy company with a strong contribution from non E&P business; 3x revenues and about 5-6x market capitalisation,” he said.
