Oil and Natural Gas Corp (ONGC), said on Monday that its oil and natural gas production was expected reach a total of about 1.2 million barrels per day of oil equivalent (boepd) by 2009. A senior ONGC official told media in Singapore that the company would spend about Rs 76000 crore ($18.6 billion), including Rs 453oo crore for overseas expansion, by fiscal 2012 to boost its production.
S K Jain, who heads planning and projects at ONGC, said that by the next fiscal year that ends in March 2009, domestic oil and natural gas annual production was expected to hit a total of 1.03 million boepd, including 580,000 barrels per day of crude.
Overseas production of oil and gas in the same period was likely to reach around 180,000 boepd. He said the Rs 76000 crore capex would be mostly funded by the company's internal resources.
Source : TET
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