ONGC Sets Sights on 39-40 MMTOE Oil Plus Gas Production Target

Oil and Natural Gas Corporation (ONGC) is targeting cumulative oil plus gas production of 39 million metric tonnes (MMT) for this fiscal year and 40 MMT in FY 2028, according to its Director (Finance), Anupam Agarwal. This represents an increase from last year's standalone production of 38.87 MMTOE.

The company expects the majority of the upside to come from gas production. Mr. Agarwal noted that with oil prices expected to hover at around $75 per barrel, pursuing deepwater exploration would be lucrative and further the country's energy security in the backdrop of the post West Asia conflict.

ONGC is also seeing positive signs for its overseas arm ONGC Videsh's projects in Venezuela, including San Cristobal and Carabobo-1. The company has recently signed a new agreement that allows it to take over operatorship from PDVSA, and Mr. Agarwal expressed optimism about the potential for development.