New Delhi, June 10: State-run Oil & Natural Gas Corporation's crude oil production is projected to reach 29.5 million tonnes in 2006-07. According to the company's internal production profile paper, ONGC's crude oil production will increase to 27.5 million tonnes this fiscal from just over 26 million tonnes that it produced in 2002-03. In the subsequent years, it is likely to breach 28 million tonnes and peak to 29.5 million tonnes in 2006-07.
The production is likely to decline after that. The country's highest profit making firm is likely to see its production fall to 12 million tonnes in 2016-17 unless new discoveries were made.

Crude production from the field will increase from 12.2 million tonnes to 12.5 million tonnes this fiscal. Mumbai High, which contributes 40 per cent of country's total crude production, is likely to see a peak of over 13 million tonnes during 2004-07, thanks mainly to the Rs 8,125 crore redevelopment programme. However, production there will start to decline from 2007-08 and may fall to 5.8 million tonnes in 2016-17. Bureau Report