NEW DELHI: State-run oil and gas explorer ONGC may miss its production targets for the current financial year as the pandemic impacted overall operations and resulted in force majeure declarations by suppliers.
The oil major’s crude oil production for FY21 is likely undershoot the company’s targets by 4 per cent at 22.35 million metric tonnes, while gas output will be lower by 10 per cent at 22.73 billion cubic metres, said a research note by Emkay Securities after an interaction with ONGC’s Director-Finance Subhash Kumar. For FY22, the respective crude oil and gas output targets are 22.92 mmt and 25 bcm.
