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ONGC's Planning to Complete 27 Projects in Next 3-4 Years

Gasoil News - Published on Wed, 11 Sep 2019

Image Source: m.economictimes.com
Oil and Natural Gas Corporation Limited, India's largest oil and gas exploration and production company, said that it has 27 projects worth INR 87,000 crore which are on stream and will be completed in the next 3-4 years. ONGC executive director Mr N C Pandey said after attending a meeting with the Department of Economic Affairs secretary Atanu Chakraborty and Expenditure Secretary Mr GC Murmu at North Block, as many as 27 projects worth Rs 87,000 crore are on stream. These projects will be completed in the next 3-4 years. We are on track. We are hopeful that these projects will be completed on time. On payment issues, it was emphasized in the meeting that endeavours should be made to make payments ahead of the scheduled date.

The finance ministry on Friday met CPSEs to boost capital expenditure and ensure quick payments to vendors to tackle the slowdown.

ONGC produces around 70 per cent of India's crude oil (equivalent to around 30 per cent of the country's total demand) and around 62 per cent of its natural gas.

For Q1 of the current fiscal, ONGC posted a standalone net profit of INR 5,904 crore, recorded 3.7 per cent increase in gas production QoQ. Its gross revenue stood at Rs 26,555 crore in the same period. Its stock was up at INR 127.30 on the BSE.

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Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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