‘Equity oil, rather than exploration, at core of overseas strategy now’

With crude oil prices near the lower range, state-run ONGC is looking at cost optimisation and profit maximisation.

- SUSHMA RAWAT, DIRECTOR (EXPLORATION), ONGC

It is targeting 40 million tonne oil equivalent (mmtoe) of indigenous oil and gas output in the medium term, with production expected to start in a clutch of new fields, Sushma Rawat, director (exploration), tells Arunima Bharadwaj. Excerpts:

What are the company's plans regarding growth in its exploration & production of oil and gas?

After a slowdown during Covid, we have started refocusing on acreage acquisition as well as trying to increase exploratory drilling and data acquisition. Just last year, we acquired over 32,000 SKM new acreages, taking the total to around 180,000 SKM.