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The MoU target for gas production is 21.97 BCM

New Delhi , April 10

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.

Mr M.S. Srinivasan, Secretary Ministry of Petroleum & Natural Gas, and Mr 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.

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).

More Stories on : Outlook | Petroleum | Oil & Natural Gas Corporation Ltd

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