Oil and Natural Gas Corporation (ONGC) has announced an investment of over Rs 13,000 crore in Assam. With this investment, the company will excavate 220 oil wells in Assam in the next 5 years.
The company said in a statement on Wednesday that it has entered into an agreement with the state government to promote exploration and production activities in Assam. The company said that about 220 oil and gas wells will be excavated in the state with this investment.
According to news agency PTI, ONGC said in a statement, "ONGC is working towards reducing imports by 10 per cent by 2022 according to the call of the Prime Minister and the Hydrocarbon Vision 2030".
ONGC is the Country's Largest Energy Company
Significantly, ONGC is the largest energy company in the country. It has 3 plants and 13 process complexes across the country. It owns a 25 thousand kilometer long pipeline, which it operates by itself.
The total market capitalization of the company is around Rs 1.551 lakh crore. ONGC contributes about 73% of Indian domestic production and produces about 30% of the total requirement of crude oil.
ONGC has discovered 6 out of 7 oil and gas producing basins in India. The largest company in India has set up 8.70 billion tonnes of hydrocarbon reserves.
The company had a total turnover of Rs 1,09,654 crore and net profit of Rs 26,715 crore for the year ended 31 March 2019. Shashi Shankar said that by 2040, the company's gas production is expected to reach 40 billion cubic meters. It is expected to reach 32 billion cubic meters in the year 2024.