PM reviews oil, gas production profile of ONGC, OIL
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PM reviews oil, gas production profile of ONGC, OIL

Prime Minister Narendra Modi Friday reviewed the oil and gas production profile of state-owned ONGC and OIL over the near to medium term to assess how his target to cut oil imports by 10 per cent would be met. Sources with direct knowledge of the meeting said Oil and Natural Gas Corp (ONGC) Chairman and Managing Director Shashi Shanker and Oil India Ltd (OIL) Chairman and Managing Director Utpal Bora gave projections of oil and gas production of their respective companies over the next five-year period. Oil Minister Dharmendra Pradhan and Petroleum Secretary M M Kutty were also present at the meeting, they said. Modi had in March 2015 called for bringing down India s import dependence on oil and gas to 67 per cent of its requirement by 2022. He had used 77 per cent oil import dependence in the fiscal year 2013-14 (ending March 31, 2014) as the reference to call for reducing import dependence to 67 per cent by 2022. Import dependence has, however, increased since then. India s oil ...

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