ONGC Investing in 25 Projects; Cumulative Oil & Gas

Energy major Oil and Natural Gas Corporation restricted (ONGC) is finance around 83,000 crore rupees on 25th major projects. ONGC Chairman and director (CMD) Mr Shashi Shanker aforesaid this whereas addressing ONGC workers on the 73rd Independence Day of those comes presently beneath execution can directly contribute to grease and Gas production”, said Mr. Shanker. “The additive Oil and Gas gain from these comes is anticipated to be over 180 Million Metric tons of Oil equivalents in their life cycle.”

 

ONGC is taking a gander at an empowering Production viewpoint for Natural Gas. The national explorer is envisaging a Gas output of over 32 Billion Cubic Meters by Fiscal 2024. ONGC CMD Mr Shashi Shanker said in his location which was webcast from Headquarters Dehradun to 30,000+ employees across 38 work locations of ONGC. The Directors of ONGC were present on the event. Pitching for an transformative approach to the energy business, the ONGC CMD talked about  the ambitious Energy Strategy 2040. The ONGC Directors  present on the event.

 

Three times revenue distributed across E&P, Refining, Marketing and other businesses.
Four times current Profit-after-Tax (PAT), with 10% contribution from non-Oil and Gas business
5~6 times current market capitalization.

 

Speaking on ONGC’s business performance, mister Shanker same that the corporate has registered a powerful performance in FY-19. He referenced that ONGC has earned the highest ever revenue of Rs 1,09,655 Crores – an increase of 29% from the last fiscal. ONGC has also bagged a Record net profit of Rs 26,716 crore,   an increase of 34%.

 

ONGC CMD referenced that ONGC Videsh has recorded the most elevated ever generation of 14.83 MMtoe of O+OEG during FY-19. In downstream refining, MRPL achieved highest ever throughput of 16.43 MMT with a utilization of 109.5%. Newly acquired HPCL (ONGC subsidiary) has also achieved the highest ever sales volume of 38.7 MMT with a domestic sales growth of 4.7% over historical high.

 

Thankfully acknowledging the revolutionary steps taken via the Ministry of Petroleum and Natural Gas for incentivising manufacturing in the country’s Exploration & Production (E&P) sector, Mr Shanker said, “The Petroleum & Natural Gas Ministry has announced several enabling insurance policies which, I am certain shall convey in nice adjustments in India’s oil & fuel sector."

 

The CMD said that ONGC is also focused on people-connect and engagement with society and the company’s CSR programs reflects it. In FY-19 ONGC has spent Rs 615 Crore in CSR initiatives. Significant focus of the initiatives was on national campaigns of the government like Swachh Bharat, Education, Health & Nutrition and others.

 

Supporting Prime Minister Narendra Modi's require a local sun based unrest, ONGC had propelled an across the nation Solar Chulha Challenge. Mr Shanker said that through this activity and with the assistance of IIT Mumbai, 86 Solar PV cooking stoves were introduced at Bacha and Jamthi in Betul region of Madhya Pradesh. The whole town of 74 family units has been profited at Bacha town. The ONGC CMD worried on the basic job of corporates in their condition responsiveness of business.

 

The 73rd Independence Day was praised at all the 38 residential work focuses of ONGC just as its 40 abroad ventures in 21 nations. Aside from lifting the national tricolor, the workplaces of the national oil organization held projects to spread the soul of national freedom and energy among the majority.