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Oil and Natural Gas Corp’s (ONGC) crude oil production has increased for the second consecutive year in 2015-16 whereas natural gas output continues to decline.
According to a senior company official ONGC has produced 22.37 million tonne of crude oil in the financial year ended March 31, 2016, a notch higher than 22.26 MT in the previous fiscal.
He said that “Most of our major fields are three to four decade old where natural decline has set it. So the challenge before us is to arrest this by investing in enhanced and increased oil recovery schemes and bring newer deposits into production.”
