In a turnaround, state-owned Oil and Natural Gas Corp (ONGC) has reported a 10 per cent jump in crude oil production from its western offshore fields this fiscal, reversing the downward slide of past few years. The nation’s largest oil and gas producer wants to take advantage of multi-year low oil prices to aggressively acquire oil and gas fields in the US, Russia, Central Asia and Africa so as to meet its 20 million tons oil equivalent target from overseas assets by 2018.“Crude oil production has risen from 285,642 barrels per day in April to over 315,000 bpd this month,” ONGC Chairman and Managing Director Dinesh K. Sarraf told PTI here.ONGC, which had over the last few years seen output not matching targets, plans to quickly develop discovered fields to boost oil and gas production.
Posted on: Mon, 27 Oct 2014 11:46:38 +0000
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