ONGC aims Rs 14063 cr net in FY11 - Economic Times

NEW DELHI: State-owned Oil and Natural Gas Corp on Friday said it is targeting a net profit of Rs 14,063 crore in fiscal 2010-11 on the back of higher crude oil production.

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Oil and Natural Gas Corp (ONGC) had in 2008-09 reported a net profit of Rs 16,126 crore driven by high crude oil prices. This fiscal, it has reported Rs 12,991.1 crore net profit in the first nine months.

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The company signed an agreement with the Petroleum Ministry targeting 27 million tonnes of oil production in 2010 -11, 8.4 per cent more than 24.9 million tonnes output expected this fiscal, a company statement said here.

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Full Story: ONGC aims Rs 14063 cr net in FY11 - Economic Times