ONGCs Investment in New Projects:Boosts Oil and Gas Production in India
The Silicon Review
16 August, 2019
Oil and Natural Gas Corporation Ltd. is all set to invest in 25 major projects and this investment will definitely boost up oil and gas production in India. Oil and Natural Gas Corporation (ONGC), an Indian based multinational oil and gas company was established in the year 1956. Itis a Public Sector Undertaking (PSU) of the Indian Government. It is ranked 11th Global Energy Companies in terms of natural gas and oil production by Platts. It produces 70% of India’s crude oil and 62% of natural gas.
ONGC is now all set to invest a whopping Rs. 83,000 crores on 25 major products which are been designed in India. This investment will not only boost India’s economy but will also help India to gain global recognition in the field of oil and natural gas production. The chairman and managing director of ONGC ShashiShanker stated that “15 of these projects currently under execution will directly contribute to oil and gas production,” while addressing the employees of ONGC on the 73rd Independence Day.
ONGC’s business performance in the year 2018-2019 increased to 29% and it also gained a record net profit ofRs. 26,716 crore, an increase of 34% beating other Asian countries. Now, this investment on mega projects will open new insight into oil and natural gas production. Hope this new investment will help India to gain its popularity also in European countries and the nation will grow as a global leader in terms of oil and natural gas production.
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