Energy major Oil and Natural Gas Corp (ONGC) is investing around Rs 83,000 crore in 25 major projects to boost oil and gas production, which has stagnated over last years, its chairman and managing director Shashi Shanker said on Thursday.
Addressing ONGC employees on the 73rd Independence Day, he said: "15 of these projects currently under execution will directly contribute to oil and gas production."
Pitching for an transformative approach to the energy business, he talked about the ambitious 'Energy Strategy 2040' that will help ONGC achieve "three times revenue distributed across exploration and production, refining, marketing, and other businesses; four times current profit-after-tax (PAT), with 10 per cent contribution from non-oil and gas business; and 5-6 times current market capitalisation."