ONGC hopeful of 10pct import reduction by 2022

New Delhi [India], Oct. 19 (ANI): Chairman and Managing Director (CMD) of ONGC, Shashi Shanker on Thursday said that the initiatives in the oil and gas sector in India need to implemented, keeping in mind Prime Minister Narendra Modi's vision of reducing import quantity by 10 percent by 2022.

Shanker, while extending the greetings of Diwali on behalf of the ONGC team, said that the investments will continue to take place in new technologies. He added that the star performers should be empowered and encouraged, while adopting a more innovative and competitive approach.

"The power of thoughts and confidence is directly linked with positive output. Let's commit ourselves to excellence, in line with Prime Minister Modi's mission to facilitate a 10 percent reduction in imports by 2022," he said.

Shanker also said the oil and gas sector in India is going through critical issues in terms of low oil price regime, environmental challenges and disruption in the form of electrical mobility. However, given India's immense potential, there is a need to instil better preparation.

"Two things need to be achieved. One, we must look into energy exploration, production and diversification. And two, we need to harness our true potential," Shanker added.

ONGC is India's biggest oil and gas producer. (ANI)