Gas price hike may up output to 100 mcm by 2016-17: ONGC

Dec 20, 2013, 07.54 PM IST

Today we are producing about 65 million cubic meters per day which can go up to 100 million cubic meters and above by 2016-17. That is more likely to happen with these kinds of prices," said ONGC CMD Sudhir Vasudeva

Tags Reliance Industries, Reliance, ONGC, 100 million cubic meters

Like this story, share it with millions of investors on M3

Like this story, share it with millions of investors on M3

Gas price hike may up output to 100 mcm by 2016-17: ONGC

. Share . Email . Print . A+A-

We are producing 65 million cubic meters/day which can go up to 100 million cubic meters by 2016-17.

Sudhir Vasudeva

Chairman

ONGC

After the oil ministry gave Reliance Industries a nod for gas price hike, other upstream companies too are hopeful of receiving a nod to hike prices.

Sudhir Vasudeva CMD of ONGC said hike in gas prices would make it viable for the company to produce gas from difficult deepwater blocks.

Answering a query on how much more upstream activity is possible going forward, he said: "In our twelfth five year plan we have indicated that our production would increase. Today we are producing about 65 million cubic meters per day which can go up to 100 million cubic meters and above by 2016-17. That is more likely to happen with these kinds of prices."

Also read: CCEA okays higher gas price for RIL but with riders

Reliance stock price

On December 20, 2013, Reliance Industries closed at Rs 893.65, up Rs 39.10, or 4.58 percent. The 52-week high of the share was Rs 954.80 and the 52-week low was Rs 765.00.

The company's trailing 12-month (TTM) EPS was at Rs 67.88 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 13.17. The latest book value of the company is Rs 557.05 per share. At current value, the price-to-book value of the company is 1.60.

Gaya Fashion