Indian oil and gas company ONGC aims to raise its crude oil production by 4 Mt, from 22.6 Mt in 2017-2018 to 26.42 Mt in 2021-2022, and to double its gas production by 2020, from the current 60 mcm/d to 110 mcm/d. This rise will help India meet its target to cut energy import dependence by 10% by 2020 (from 77% in 2013-2014).
As of 1 October 2016, ONGC had 577 hydrocarbon discoveries, most of which are already in production or under development to start production. Under its 'Roadmap for Import Reduction', ONGC expects new fields to offset the decline in existing production (from 18.5 Mt in the current fiscal year to 12.7 Mt in 2021-2022): around 5.3 Mt should be produced from fields with a final investment decision made and another 8.45 Mt from fields under approval process. For gas as well, new fields under development or conceptualisation should add nearly 30 bcm in 2021-2022, offsetting the planned decline in gas production, from 19.7 bcm to 11.9 bcm in 2021-2022.