ONGC to double output by 2030

Oil and Natural Gas Corporation has drawn up a ‘Perspective Plan 2030’ to invest Rs.11 lakh-crore over the next 18 years. In 2011-12, ONGC produced 23.71 million tonnes of oil and 23.32 billion cubic metres of gas. Mr. Vasudeva said OVL would be looking to explore investment opportunities in around 4-5 international hubs where the entity could achieve adequate growth and source 60 million tonnes of oil and oil equivalent gas per year by 2030. “ONGC also looks to unlock 450 million tonnes of oil and oil equivalent gas from yet-to-be found domestic resources,” he added. Asserting that considerable potential existed in Indian basins, Mr. Vasudeva said ONGC’s existing portfolio contained yet-to-be-developed discoveries that could add more than 300 million tonnes of oil and oil equivalent gas to production by 2030.