Now Reading: ONGC Sets Higher Oil and Gas Output Targets for Two Years
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ONGC Sets Higher Oil and Gas Output Targets for Two Years
ONGC Sets Higher Oil and Gas Output Targets for Two Years
The Story in Brief
ONGC expects combined oil and gas production of about 39 million metric tonnes of oil equivalent in the current fiscal year and 40 MMTOE in 2027-28. Its standalone output was about 38.87 MMTOE last year. Director (finance) Anupam Agarwal said the near-term increase would mainly come from gas, followed by a further rise of nearly 1 MMTOE in 2027-28.
Agarwal said deepwater exploration could become commercially attractive if oil prices stay near $75 a barrel. Projects would be riskier at $60-65, he said. ONGC Videsh reported positive signs for its Venezuelan San Cristobal and Carabobo-1 projects, saying sanction-related risks had eased.
The Indian Opinion
The targets show confidence, but they are forecasts rather than assured results. Oil prices, deepwater costs and geopolitical conditions can change quickly. The reported easing of sanctions-related risks in Venezuela also needs to be tested by future developments. Claims that present the plans as certain successes would be premature. Energy security is important, but delivery timelines and returns remain uncertain.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
