India’s Leading Public sector oil company Oil and Natural Gas Gas (ONGC) recently made an official announcement to invest more than Rs 13,000 crore in the next five years to explore and to drill more than 220 oil and gas wells in Assam. The company said that it has entered into an agreement with the Assam government to expand exploration and production activities in the state. The company said that this investment is being made to excavate more than 220 wells of oil and gas.
The company said, “ONGC is emphasizing on increasing its activities keeping in mind the Prime Minister’s call to reduce oil imports by 10 per cent by 2022 and the Northeast Hydrocarbon Vision 2030”.
Now the government is eyeing some assets of the public sector company Oil and Natural Gas Corporation (ONGC). ONGC has a number of golf courses across the country, which it is in the mood to use to host its business partners and to sell a golf course that facilitates its employees.
Fundamentally, ONGC is the biggest and largest energy organization in the nation. It has 3 plants and 13 business complexes and buildings the nation over. It possesses a 25 thousand kilometer long pipeline, which it works independent without anybody support and help.
ONGC hungry for more Acquisitions, eyeing GAIL’s Pipeline Business
The all out market capitalization of the organization is around Rs 1.551 lakh crore. ONGC contributes about 73% of Indian household creation and delivers about 30% of the all out prerequisite of raw petroleum.
ONGC plans to open India’s 8th Sedimentary Basin in Kutch
ONGC has found 6 out of 7 oil and gas delivering bowls in India. The biggest organization in India has set up 8.70 billion tons of hydrocarbon holds.
ONGC aims to Double Gas Production in 5-6 years
The organization had an all out turnover of Rs 1,09,654 crore and net benefit of Rs 26,715 crore for the year finished 31 March 2019. Shashi Shankar said that by 2040, the organization’s gas generation is relied upon to arrive at 40 billion cubic meters. It is relied upon to arrive at 32 billion cubic meters in the year 2024.