O NGC Ltd expects to produce 28.5 million tonnes of crude oil and 22 billion cubic metres of gas during 2007-08. This would be near-stagnation compared with production in 2006-07.
For 2008-09, output is likely to grow only marginally to 29 million tonnes of crude and 22.5 billion cubic metres of gas. The Mumbai High region, which accounts for over half of ONGC's total output, has seen depressing production levels. Currently, the region produces around 16 mt of crude annually. Last October, $1.4 billion was approved to shore up sagging production at Mumbai High.