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The price of crude oil may rise further on global cues said ONGC Chairman, Shashi Shanker. Speaking at ONGC’s 25th Annual General Meeting, Shanker said, “Today Brent Crude is selling for $75 a barrel and could go even higher as Iran approaches another era of sanctions and Venezuela grapples with rapidly declining production.”
“Within a period of two years, the trajectory of prices has changed dramatically. A barrel of crude in early 2016 fetched just about $30 and by the end of 2017 it had already more than doubled,” he said.
Speaking with shareholders on ONGC’s prospects, Shanker said, “Despite the growth of renewables, hydrocarbons will remain extremely vital for feeding the growing energy requirements of the country as well as the world…We will retain our focus on exploration and production as the primary avenue of business growth in the foreseeable future.”
Shanker said the company will focus on lowering the finding costs to boost prospects. He said, “The era of easy oil is over. Finding and producing oil and gas economically has become difficult. ONGC is addressing this challenge with a cost-effective, operationally efficient and technology-led approach. At just over $6 per barrel of oil equivalent, our finding costs are more competitive globally and our aim is to bring it down further.”
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