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| ONGC MoU with Ministry targets 2.7% output hike |
| News Archive - Environmental, New & Alternative Energy - April news | |
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New Delhi: Oil and Natural Gas Corporation (ONGC), which has entered into a memorandum of understanding (MoU) with the Ministry of Petroleum and Natural Gas, is targeting a crude oil production of 27.35 million tonnes (mt) and a net profit of Rs 12,947 crore in current fiscal (2006-07). The MoU guiding the performance target for the financial year stipulates an increase of 2.76 per cent in crude oil production compared to last year's target of 26.61 mt. |Asian expats prefer Singapore| M.S. Srinivasan, Secretary Ministry of Petroleum & Natural Gas, and Subir Raha, Chairman & Managing Director, ONGC, inked the documents. The MoU target for gas production for 2006-07 is 21.97 billion cubic metre (BCM) compared to the previous year's target of 21.41 BCM - an increase of 2.65 per cent. | Go to Sify Business Home page | Further, the MoU has a gas sales target of 17.13 BCM and production of value added products of 2.9 mt for the current fiscal. Asked whether the MoU has incorporated the targets of its subsidiaries, a senior ONGC official said, under the MoU, the performance of subsidiaries - ONGC Videsh Ltd and Mangalore Refinery and Petrochemicals Ltd - has been included with an assigned weightage of 2 per cent (1 per cent each). |
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