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ONGC sets production targets

NEW DELHI: The Oil and Natural Gas Corporation (ONGC) has set an ambitious target to produce 29.04 million tonnes of crude and 25.05 billion cubic metre (BCM) of gas a day during 2008-09.

Seeking to streamline its operations and make the maximum from its oil and gas assets in the country, ONGC in a memorandum of understanding (MoU) signed with the Petroleum and Natural Gas Ministry has stated that it expected its gross revenue to touch Rs. 54,600 crore and gross margins at Rs. 31,933 crore in 2008-09. The company has set the target for value added products at 3.320 million tonne of oil equivalent (mtoe) and reserve accretion is 64.5 mtor. Value added products include LPG, kerosene, naphtha, and diesel.

“The MoU target for oil and gas production has been kept higher than the 2007-08 MoU target level even though the approved target is less for 2008-09. The target is thus challenging the achievement of which will be an indicator of the corporation’s business prowess,” a senior official of the company remarked.

Meanwhile, ONGC Chairman and Managing Director R. S. Sharma launched the Phase I of the state-of-the-art latest supervisory control and data acquisition (SCADA) system, an automation tool that would bridge the gap in the process control realm.

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