ONGC post Rs.25,123 Cr NP on a turnover of Rs.76,130 Cr to invest of Rs.11,00,000 Cr

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ONGC, Chairman  on his maiden   media interaction to present the annual reports 2013 in New Delhi.

Mr Vasudeva said, on replying to Nksagar question on IPO of bonds or equity share for sale of  the promoter, for garnering funds on capital expenditure the Government of India must make call on when it wants to go ahead. He further added that the Shares  market has been behaving very erratically and Government has to take a call.Chairman ONGC  Vasudeva said, ONGC  to unlock 450 million tonnes of oil and oil equivalent gas yet to be explored from the  domestic resources, OVL has been tasked to source 60 million tonnes of oil and oil equivalent gas per year by 2030.“We have decided to invest and explore opportunities in 4-5 international hubs, where OVL can atain growth of sufficient scale. Potential growth hubs include heavy oil, conventional plays, shale and deepwater,” he said.

“We have prepared a ‘Perspective Plan 2030′ that envisages doubling production over the next 18 years at 4-5% annual production growth rate,” he said.

These  ‘blue print’ targets doubling production in course of achieving a three-fold growth in revenue and profits. It also aims for a four-fold growth in market capitalisation of the company and a six-fold growth in production from international operations, he said.

“All this will require an investment of Rs.11,00,000 cr,” he said. It posted a net profit of Rs.25,123 cr on a turnover of Rs.76,130 cr.

ONGC expects to raise its crude oil output to 28 million tonnes a year by March 2014, and gas production to 100 million standard cubic metres a day by March 2017. ONGC  to bring in in foreign partners for increasing its output