State-run Oil and Natural Gas Corporation (ONGC) has drawn a blueprint to raise crude oil production by 4 metric tonne (MT) and almost double natural gas output by 2020.
Addressing a press conference in New Delhi, ONGC Chairman Shashi Shanker said, the Prime Minister had given a call to cut country’s oil imports by 10 per cent by 2022 and ONGC’s roadmap for meeting that is ready.
The state-owned firm will raise crude oil production from 22.6 MT in 2017-18 to 26.42 MT in 2021-22. The nation’s biggest oil and gas producer has prepared the ‘Roadmap for Import Reduction’ two years after Mr Modi set the target for reducing oil import dependence by 10 per cent, from 77 per cent in 2013-14.
India spend almost 1 trillion dollar on crude imports from financial year 2005-06 to 2015-16.