August 23, 2017   
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New Delhi, Aug 09 : Government owned Oil & Natural Gas Corporation (ONGC), a ‘Maharatna’ and the leading energy major of the country, contributes 71% of the country’s oil and 54% of the gas production.

The company, which derives the bulk of its production from ageing fields like those in Mumbai High and South Bassein, has chalked out a three pronged strategy to boost production – enhance recovery at existing fields, move more discovered fields into production and step up overseas foray.

Sudhir Vasudeva, CMD, ONGC and Chairman, ONGC Group of Companies has talked extensively about the company’s aggressive plans of pursuing the downstream sector and ONGC’s keenness to enter the LNG sourcing and marketing business and is close to striking a global alliance with a company that has expertise across the LNG value chain.

A comprehensive downstream foray is a part of the overall Perspective 2030 plan and ONGC was keen to enter the LNG sourcing and marketing business as it believed that there was a big demand for LNG in the Indian market.