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ONGC eyes 17% jump in crude output, 66% in gas by 2022

State-owned ONGC has projected 17 percent rise in its crude oil production and 66 percent in natural gas by March 2022 as it looks to boost domestic output to help achieve the government target of 10 percent reduction in import of these items.

April 04, 2017 / 16:26 IST
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A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad, India, September 30, 2016. Picture taken September 30, 2016. REUTERS/Amit Dave  - RTSS6X9
A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad, India, September 30, 2016. Picture taken September 30, 2016. REUTERS/Amit Dave - RTSS6X9

State-owned ONGC has projected 17 percent rise in its crude oil production and 66 percent in natural gas by March 2022 as it looks to boost domestic output to help achieve the government target of 10 percent reduction in import of these items.

The nation's biggest oil and gas producer has prepared 'Roadmap' for Import Reduction, two years after Prime Minister Narendra Modi set a target for reducing oil import dependence by 10 percent, from 77 percent in 2013-14.

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ONGC sees crude oil output rising from 22.6 million tonne in 2017-18 to 26.42 million tonne in 2021-22. Gas output is projected to rise from 25.011 billion cubic meters in 2017-18 to 41.536 bcm in 2021-22.

"ONGC management is keen to ensure that the Prime Minister's vision of 10 per cent import reduction is met," the company has said in the document that estimates oil and gas supplies from all past discoveries, ongoing development as well as potential projects slated for development.