ONGC made six oil and gas finds in 2003-04

Oil and Natural Gas Corporation (ONGC) made six oil and gas discoveries in 2003-04 and the gross turnover of the public sector oil major and its subsidiaries crossed $10 billion during the year.

ONGC Chairman and Managing Director Subir Raha said the group's turnover during the last financial year crossed $10 billion and market capitalisation exceeded $28 billion.

During 2003-04, ONGC produced 49.66 million tonnes oil and oil-equivalent gas against a target of 49.7 million tonnes. Daily average production was 1.02 million barrels.

Oil production was 99 per cent of the 26.39 million tonnes target (actual previous year 26.06 million tonnes). Gas production at 23.6 billion cubic metres was 101 per cent of the target (actual previous year 24.24 billion cubic metres).

The corporation produced 3.63 million tonnes of finished products, which was 112.5 per cent of the target (actual last year 3.82 million tonnes).

The corporation recorded a gross turnover of Rs 33,350 crore in 2003-04 as against Rs 35,387 crore in the previous year, after adjusting for Rs 2,063 crore paid out as subsidy on domestic LPG and kerosene.