Oil & Natural Gas Corp., largest energy explorer of India, is targeting earnings of 140.6 billion rupees (3.1 million) and oil production of 27 million metric tons in the year start 1 April. State-owned ONGC has assumed an oil price of $ 53 a barrel, the company said in an e-mailed statement today after signing an agreement with the Ministry of Petroleum of India. It gave no comparative figures. New Delhi-based ONGC, which produces about 75 percent of India’s oil, had 129.9 billion rupees of revenue in the nine months ended Dec. 31, according to Bloomberg calculations. The company reported a profit of 197.95 rupees in the year ending March 2009.
Natural gas production is estimated at 25 million cubic meters in the next fiscal year, the statement said.
ONGC shares have gained 45 percent in the last year, compared with an increase of 95 percent in the sensitive index of reference. The shares rose 0.7 percent to 1061.75 rupees at 3:28 pm in Mumbai trading.
Crude oil for April delivery fell to 0.8 percent at $ 81.51 a barrel in electronic trading on the New York Mercantile Exchange. It traded at $ 81.78 at 9:10 am London time.
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