The fall in gas prices has hit Oil and Natural Gas Corporation’s (ONGC) FY17 revenues but margin growth also was muted.
In an interview to CNBC-TV18, DK Sarraf, CMD of ONGC spoke about the results and his outlook for the company.
In FY18, the gas production would significantly increase by more than 10 percent compared to 4.6 percent of FY17, he said.
He also expects increase in crude oil production.
“The crude oil prices should be in the range of USD 50-60 per barrel in the next one year or so”, he added.
Speaking about gas prices, he mentioned, “Gas prices is an area of major concern. It is very difficult to sustain gas business at USD 2.5 per mmbtu price”.
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