Oil and Natural Gas Corporation (ONGC) has drawn a blueprint to raise crude oil production by 4 million tonne (MT) and almost double natural gas output by 2020 to meet Prime Minister Narendra Modi’s target of cutting India's import dependence by 10%. The state-owned firm will raise crude oil production from 22.6 MT in 2017-18 to 26.42 MT in 2021-22.
As on October 1, 2016, ONGC had 577 hydrocarbon discoveries. Most of them were either in production or action had been initiated to monetize them.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
