ONGC to clock Rs. 4,900 cr. net

NEW DELHI, APRIL 6. Oil and Natural Gas Corporation (ONGC) is set to become country's highest profit earning organisation with around Rs. 4,900 crore net profit expected in 2000-01, Corporation Chairman and Managing Director Mr. B. C. Bora said.

The increase in international crude oil prices and rising domestic product prices would help the Navaratna public sector undertaking in achieving a net profit of Rs. 4,500 crores in 2000-01, about 25 per cent higher than last year's profit of Rs. 3,629 crores, Mr. Bora told reporters here.

Final audited figures would come in a month's time.

Also, higher output of crude oil by five lakh tonnes over the target of around of 25.6 million tonnes in 2000-01 will help ONGC in achieving the higher profit, he said adding against the gas sale target of 18.3 billion cubic metres, the company had sold 19.3 billion cubic metres last year.

ONGC would be investing over Rs. 10,000 crores for undertaking enhanced oil recovery programme in 15 oil fields in the country during the current fiscal, he said.

The company has already begun implementation of Rs. 5,000 crore first phase of Mumbai High redevelopment programme which would increase rate of recovery from the present 24-26 per cent to about 40 per cent in five years.

Another Rs. 4,000 crore would be invested in improved oil recovery for major oil fields in the country, he added.

- PTI

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