ONGC’s gas production up 8% in 9 mths of fiscal

NEW DELHI: Flagship explorer ONGC's gas production rose 7.9% and crude output went up 1.5% in the first nine months of the current fiscal against the previous corresponding period, acompany statement on Friday quoted director (HR) D D Misra as saying.

"We are geared up to contributing towards achieving the PM's vision of reducing oil imports by 10% by 2022," the statement quoted Misra as saying. Misra is officiating as chairman in the absence of Shashi Shanker, who is in Davos as part of the Indian delegation to the World Economic Forum meet.

Addressing company employees at an R-Day function, Misra said the ONGC board had approved projects worth over Rs 78,000 crore in the last three years. These projects will lead to additional oil and gas output of over 180 million tonne oil equivalent.

Misra said the acquisition of government's 51.11% stake in HPCL will make ONGC India's third-largest refiner and the first fully vertically integrated energy company, straddling the entire hydrocarbon value chain. The acquisition of HPCL will bolster the kitty of MRPL, ONGC's refining subsidiary that processed a record 16.5 million tonnes of crude.

Oil and Natural Gas Corporation Limited (ONGC)