ONGC CMD Shashi Shanker\n\n\n\nONGC Ltd will redraw its long-term roadmap in coming days to bring it in line with the changed operating realities of the company, the state-owned company\u2019s chairman and managing director Shashi Shanker said.\n\n\n\nThe company\u2019s current vision document, known as Perspective Plan 2030, was drawn up seven years ago and laid out the company's long term goals and plans.\n\n\n\nHowever, said Shanker, ONGC's business has undergone a tremendous transformation in the last seven years, requiring it to now redraw its plans under a new document -- Strategic Roadmap 2040.\n\n\n\nThe company has gone from a largely India-centric oil and gas producer to one that has producing assets across the world. \n\n\n\nONGC\u2019s output from outside India increased to over 14 million tons of oil equivalent last year from 12.80 in FY17. Gas output increased to 23.5 billion cubic meters from 22 BCM in FY\u201917.\n\n\n\nThe company also recently purchased Government of India\u2019s promoter stake in oil retailer Hindustan Petroleum Corporation, entering a new segment.\n\n\n\n\u201cOur portfolio has seen a metamorphic change in the last decade,\u201d the CMD said. \u201cToday our business portfolio includes E&P, Refining, Petrochemicals, LNG, Pipelines, Retail, SEZ Infrastructure, Power etc. \n\n\n\n\u201cWhile these developments open up new vistas and opportunities for the Company, they also add layers of complexity to our decision-making and strategic framework,\u201d he said.\n\n\n\nONGC\u2019s \u2018Strategic Roadmap 2040\u2019 will \u201creframe the vision and recast the objectives of Perspective Plan 2030\u201d, he added.\n\n\n\nOverseas production recorded another strong year of growth. O+OEG Vankorneft and Lower Zakum in UAE were milestone acquisitions which instil confidence in the growth story going forward. Performance of domestic subsidiaries and JVs was also impressive.