ONGC sets a new record in drilling efficiency by drilling 503 wells and made 12 discoveries, monetising many of these to quickly augment output
GN Bureau | August 6, 2018
Oil and Natural Gas Corporation Ltd (ONGC) has been ranked 197 in the coveted Fortune Global 500 list. The ranking has come on the heels of robust fiscal and physical performance in 2018-19 FY, in-spite of volatile global oil prices and operational challenges faced by the enterprise.
ONGC has been ranked fifth globally in the mining and crude oil production industry category.
The corporation posted a net profit of Rs 19,945 crore and gross revenue of Rs 85,004 crore. The company improved its gas production by 6.3 percent from ONGC operated fields and kept oil production nearly constant despite ageing fields. It also set a new record in drilling efficiency by drilling 503 wells and made 12 discoveries, monetising many of these to quickly augment output. ONGC has plans to invest around Rs 30,000 crore during the current financial year to ramp up its production further.
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