Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corp (ONGC) has reported a record 6.5 per cent jump in natural gas production to 25.9 billion cubic meters in the fiscal year ended March 31, 2019. As the company doubles up efforts to raise domestic output to curb imports.

Natural gas production from ONGC-operated nomination fields, NELP blocks and joint venture assets reached 25.819 BCM in 2018-19 as compared to 24.61 BCM output in the previous fiscal. The company is on course to produce 42 BCM by end of fiscal 2022, when its prized KG basin discoveries will come onstream.

There has been a marginal increase in the New Exploration Licensing Policy (NELP) fields also from 0.054 BCM to 0.073 BCM. The growth rate was higher than the global average of 3-4 percent year-on-year.

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.