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New Delhi March 29 Oil and Natural Gas Corporation Ltd (ONGC) on Thursday signed a memorandum of understanding with the Ministry of Petroleum & Natural Gas, agreeing on a new set of performance parameters and targets for the financial year 2007-08. The company has set higher targets for reserve accretion and production of oil and gas.

The MoU target for 2008 stipulates a six per cent higher crude production compared with the previous year. As per the MoU the crude production target has been set at 29.04 million tonnes (mt), higher than 27.35 mt in FY-2007. The target for natural gas production has been set at 25.05 billion cubic metres (bcm), 14 per cent higher than 21.97 bcm in FY-2007.

The target for value-added products has been set at 32.45 mt, 12 per cent up (29.03 mt) and reserve accretion (ultimate) target is 55 mt of oil equivalent (mtoe), 5 per cent higher than 52.5 mtoe in FY-2007.

The MoU was inked by Mr M.S. Srinivasan, Secretary, Ministry of Petroleum and Natural Gas, and Mr R.S. Sharma, Chairman and Managing Director, ONGC.

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