Oil and Natural Gas Corporation (ONGC) is stepping up a $7 billion investment over the next three-four years to reverse years of decline in oil and gas production. Up to 24 field development, enhanced oil recovery (EOR) and improved oil recovery (IOR) projects are currently in progress that will further help reverse the declining trend in oil and gas production.
ONGC is likely to see output rise from 19.6 million tonnes in 2022-23 to 21.2 million tonnes in the current fiscal (April 2023 to March 2024) on a standalone basis. Natural gas output is projected to rise from 20.6 billion cubic meters (bcm) in 2022-23 to 23.5 bcm in the current fiscal.
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.
