ONGC investing Rs 83,000 crore in 25 projects; cumulative oil, gas gain over 180 MT

Energy major Oil and Natural Gas Corp (ONGC) is investing around Rs 83,000 crore in 25 major projects to boost oil and gas production, which has stagnated over last years, its chairman and managing director Shashi Shanker said on Thursday. Addressing ONGC employees on the 73rd Independence Day, he said: “15 of these projects 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 tonne of oil and oil equivalent gas in their life cycle,” he said. The firm produced 24.23 million tonne of crude oil in the 2018-19 fiscal year and 25.81 billion cubic metres of natural gas from its domestic fields. Another 10.1 million tonne of oil and 4.736 bcm of gas was produced from its overseas assets.