Updated: Aug 01, 2018 17:56 IST
New Delhi [India], August 1 (ANI): Fortune Global 500 ranked Oil and Natural Gas Corporation Limited (ONGC) at the 197th position in their most awaited list.
This ranking comes after a vigorous performance in the Fiscal Year 2018.
ONGC is India’s largest oil and gas producer. The company ranks fifth globally in the ‘mining and crude oil production’ industry category.
The company posted a net profit of Rs 19,945 crore, up by 11.4% and gross revenue of Rs 85,004 crore up by 9.1% year over year.
The company kept oil production nearly constant despite ageing fields while the gas production was improved by 6.3%. Moreover, the company drilled 503 wells and made 12 discoveries setting a record in drilling efficiency.
ONGC plans to invest around Rs 30,000 crore during the current financial year to ramp up its production further.
In-spite of charged up global oil prices and operational challenges, the company managed to make its way above.
The company ranked on the 423rd position last year. (ANI)