'ONGC committed to reduce nation's oil and gas import bill'

RAJAMAHENDRAVARAM: The Oil and Natural Gas Corporation (ONGC) is committed to reduce the import burden of oil and gas by 10 per cent, as exhorted by Prime Minister Narendra Modi, said a senior ONGC official.

"ONGC has completed Rs 7,738 crore acquisition of 80 per cent stake in GSPC's KG basin gas block. The acquisition will enhance natural gas production from domestic fields on a faster pace.

"It also plans to use field facilities to bring the production from the discoveries in its neighboring KG-DWN-98/2 block," DMR Sekhar, executive director-asset manager, ONGC, Rajahmundry Asset, said during the Independence Day celebrations at ONGC Base Complex today.

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