ONGC’s production has declined over a decade. Here’s what’s behind the Maharatna’s poor performance.
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An oil-drilling platform at Bombay High
Synopsis
India ranks 23rd in oil production globally. If explorers manage to increase production, it will not only help India improve its ranking but also build the country’s strategic reserves portfolio. As the country’s largest oil and gas explorer, ONGC has a major role to play in it.
India’s dependence on global crude oil is a testament to the sorry state of affairs in its own energy exploration. While the government’s intention to reduce this dependence is laudable, no effort has been made on the ground to arrest the steady decline in domestic crude oil and gas production in the country. While domestic oil companies have consistently followed the principle of strategic exploitation of energy resources with the aim of future
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