Energy major Oil and Natural Gas Corporation Limited (ONGC) has announced plans to invest Rs830bn ($11.64bn) on 25 major projects currently under execution in India.
Of these projects, 15 would directly contribute to India’s oil and gas production.
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ONGC chairman and managing director Shashi Shanker said: “The cumulative oil and gas gain from these projects is expected to be over 180 million metric tonnes of oil equivalent (MMtoe) in their lifecycle.”
On the natural gas front, the energy firm plans to increase gas output to more than 32 billion cubic metres by 2024.
Shanker added that the company’s Energy Strategy 2040 programme would see its revenues grow three times across E&P, refining, marketing and other businesses.
The company will achieve four times the current profit after tax with a 10% contribution from non-oil and gas business, and five to six times the current market capitalisation.
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By GlobalDataFurthermore, the company has earned the highest-ever revenue of Rs1096.55bn ($15.31bn), which is a 29% increase when compared to the last fiscal year. It also recorded a net profit of Rs26.71bn ($3.73bn), marking an increase of 34%.
Shanker added: “The Petroleum & Natural Gas Ministry has announced several enabling policies which, I am sure shall bring in positive changes in India’s oil & gas sector.”
Last month, ONGC issued a notice that invites partners to further develop oil and gas production from its 64 marginal nomination fields to optimise recovery by incorporating new technologies.
According to the notice inviting offer (NIO), interested companies can participate in the international competitive bidding process announced for 17 onshore contract areas.
