NGC Planning to Complete 27 Projects Worth Rs 870 Billion Over 3-4 Years

India's largest oil and gas exploration and Production Company, Oil and Natural Gas Corporation Limited (ONGC) on Friday said it has 27 projects worth Rs 870 billion which are on stream and will be completed in the next 3-4 years. "As many as 27 projects worth Rs 870 billion are on stream. These projects will be completed in the next 3-4 years. We are on track. We are hopeful that these projects will be completed on time," ONGC executive director N C Pandey said after attending a meeting with the Department of Economic Affairs (DEA) secretary Atanu Chakraborty and Expenditure Secretary G C Murmu at North Block.

On payment issues, he said, it was emphasized in the meeting that endeavours should be made to make payments ahead of the scheduled date. The finance ministry on Friday met CPSEs to boost capital expenditure and ensure quick payments to vendors to tackle the slowdown.

ONGC produces around 70 per cent of India's crude oil (equivalent to around 30 per cent of the country's total demand) and around 62 per cent of its natural gas. For Q1 of the current fiscal, ONGC posted a standalone net profit of Rs 59.04 billion, recorded 3.7 per cent increase in gas production Q-o-Q. Its gross revenue stood at Rs 265.55 billion in the same period. Its stock was up at Rs 127.30 on the source.