ONGC Committed To Reducing Oil Import by 10%, Says Company Official

Team EnergyInfraPost

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.

The PM has envisaged reducing country’s dependence on oil imports 10 per cent by 2022.

“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 at a faster pace.

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

Despite entry of private players into India’s oil and gas exploration sector, ONGC remains the mainstay of the country’s energy security.

Its overseas arm, ONGC Videsh, has acquired stakes in 36 oil and gas assets across 17 countries.

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