The Hindu Business Line : ONGC targets 29.04 mt crude production in 2008-09

New Delhi, March 25 ONGC said that it has set a target to produce 29.04 million tonne (mt) of crude and 25.05 billion cubic metre (BCM) of gas a day for 2008-09.

According to the memorandum of understanding (MoU) signed with the Government on Tuesday for its annual performance for 2008-09, the company has set these targets.

Gross revenue for 2008-09 is expected at Rs 54,601 crore and gross margins at Rs 31,933 crore. The company has set the target for value added products at 3.320 million tonne of oil equivalent (MMTOE), and reserve accretion is 64.5 MMTOE. Value added products include LPG, kerosene, naphtha, and diesel.

According to a statement issued by the company, “crude oil, natural gas and reserve accretion targets include share from domestic, joint venture fields/acreages and exclude overseas acquisitions.”

“The MoU target for oil and gas production has been kept higher at the 2007-08 MoU target level, even though the approved BE target is less for 2008-09. The target is thus challenging, the achievement of which will be an indicator of the corporation’s business prowess,” the company said.

The weightage for subsidiary management has been increased to 10 per cent (four per cent MRPL and six per cent OVL).

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