ONGC unveils plan to pump in $16 bn

ONGC unveils plan to pump in $16 bn

India’s top oil and gas producer ONGC today unveiled a $15-16 billion investment plan to double output from its domestic and overseas fields and expand its refining capacity three folds alongside diversification into renewables in a new vision document for 2040.

“The new strategy document aims to transform ONGC in a new ‘avatar’ in this new energy landscape as a diversified energy company with strong contribution from non-E&P businesses,” Oil and Natural Gas Corp (ONGC) chairman and managing director Shashi Shanker told reporters here.

ONGC Energy Strategy 2040 envisions the company as “A diversified energy company with a strong contribution from non E&P business; 3x revenues and about 5-6x market capitalisation,” he said.  Read more

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