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ONGC's performance has been exemplary: Sudhir Vasudeva

Dehradun , Thu, 26 Jan 2012 ANI

Dehradun, Jan 26 (ANI): The chairman and managing director of Oil and Natural Gas Corporation Limited (ONGC), Sudhir Vasudeva, on Thursday expressed confidence that the Indian state-owned oil and gas company will achieve more in the future because of its exemplary performance.


"All I can say that ONGC is going from strength to strength and as you have seen that our performance last year has been very good, exemplary performance if I can say that," he told the media here.


Vasudeva noted that till date ONGC has contributed to nearly 80 percent of country's total oil production.


"Currently, its contribution to the oil production is 72 percent and 50 percent to gas production," he said.


Vasudeva further said plans are afoot to enhance ONGC's overall production during India's 12th Five-Year Plan.


We have said that in next 12th Five-Year Plan, we would tap around 60 million tonnes of oil; the exploration more than what we did in the 11th Five-Year Plan," he added.


Commenting on the corporate social responsibility, Vasudeva said ONGC usually spends an appropriate portion of its profits in the social sectors.


"If our profit is around 1800 crores rupees, then to the extent of 360 crores rupees we are committed to spend as CSR (corporate social responsibility) on an yearly basis for social contribution; right now, I don't have the exact data," said Vasudev.


"Nonetheless, we try to spend around 200 to 250 crores every year on it and the money which has not been spent, we accumulate that amount of money for the next year and it is not like that it gets lapsed," he added.


resently, ONGC has 33 oil tapping leases at 15 different locations across the world.


In 2011, the oil production was around 62.05 million tonnes from the ONGC group of companies out of which 48 million tonnes was from indigenous resources and 9.45 million tonnes was produced by the nine overseas producing properties under the ONGC Videsh Limited (OVL).


ONGC was incorporated as Oil and Natural Gas Commission at Dehradun in 1956.


It is regarded as the prime exploration and production oil company in the country. (ANI)


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