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ONGC plans to raise oil output by 4 mt by 2020

The state-owned firm will raise crude oil production from 22.6 mt in 2017-18 to 26.42 mt in 2021-22

Press Trust of India  |  New Delhi 

Funding may be a mix of borrowing and stake sale

has drawn a blueprint to raise crude oil production by 4 million tonnes (mt) and almost double its output by 2020 to meet Prime Minister Narendra Modi’s target of cutting India’s import dependence by 10 per cent, Chairman Shashi Shanker has said.
 
The state-owned firm will raise crude oil production from 22.6 mt in 2017-18 to 26.42 mt in 2021-22.

 
“Prime Minister had given a call to cut country’s oil imports by 10 per cent by 2022. Our road map for meeting that is ready,” he said. “We intend to increase crude by 4 mt and raise gas production from current 60 million standard cubic meters per day (mmscmd) to 110 mmscmd.”
 
The nation’s biggest oil and gas producer has prepared the ‘Road map for Import Reduction’ two years after Modi set the target for reducing oil import dependence by 10 per cent, from 77 per cent in 2013-14.

First Published: Mon, October 23 2017. 01:37 IST
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