# ONGC targets higher oil and gas output over the next two fiscal years 2026-08-05T23:13:50+00:00 | Business & Economy | Indian Opinion Desk ONGC told analysts on a post-results call that it expects combined oil and gas output of about 39 million metric tonnes of oil equivalent this financial year, rising to 40 MMTOE in 2027-28, The Hindu reported. Director (Finance) Anupam Agarwal said standalone production was around 38.87 MMTOE last year and that this year's gain would come mainly from gas. He linked the case for deepwater exploration to oil prices near 75 dollars a barrel, tied to a security premium from the Hormuz crisis, saying many deepwater fields become high-risk at 60 to 65 dollars a barrel. Agarwal also said ONGC Videsh sees positive signs on its Venezuelan San Cristobal and Carabobo-1 projects, with sanctions-related risk 'behind us,' and expects a new agreement transferring operatorship away from PDVSA soon. ## Indian Opinion Analysis These are ONGC's own production targets and Agarwal's own assessment of Venezuela risk, presented on an earnings call rather than independently verified figures, so they describe the company's expectations rather than confirmed results. The deepwater exploration case rests entirely on oil holding near 75 dollars a barrel, a price ONGC does not control, and the same comments show fields becoming uneconomic well below that level. The claim that Venezuela sanctions risk has eased is ONGC Videsh's reading of the situation, not confirmed by any other authority in this account. ONGC's full-year production number for this fiscal year will show whether combined output reaches the 39 MMTOE Agarwal set out. ## Coverage - www.thehindu.com Tags: Anupam Agarwal, ONGC Canonical: https://indianopinion.org/ongc-expects-oil-plus-gas-production-of-39-mmtoe-this-fiscal-40-mmtoe-next-year/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/ongc-expects-oil-plus-gas-production-of-39-mmtoe-this-fiscal-40-mmtoe-next-year/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.