NEW DELHi: Output at ONGC Videsh, the overseas arm of the state-run explorer, will likely fall in the current financial year after rising for seven straight years due to a natural decline in fields and production cut commitments by key producers such as Russia and the UAE.
ONGC Videsh produced about 15 million metric tonnes of oil equivalent (mmtoe) in 2019-20, marginally higher than 14.83 mmtoe in 2018-19, mainly on increased production of gas, according to people familiar with the matter. The combined output from overseas fields for all Indian companies marginally declined to 24.5 mmtoe in 2019-20 from 24.7 mmtoe in the previous year.
