India's most profitable company, Oil and Natural Gas Corporation (ONGC) has seen a drop in its production in oil. During the last fiscal, the state-run oil company saw its oil production going down by 1.52 per cent. This happened because both the domestic as well as international blocs saw a decline.

Meanwhile, the gas output of the company went up by 1.16 per cent. This revelation was made by the company in its statement.

Currently, the total output of ONGC is 661,300 barrels per day (bpd). For gas, the number is 27.975 billion cubic meters. This is 3.5 per cent lesser than what it set as target during the previous quarter.

Meanwhile, the company has said in its statement that it has added 83 million tons of new oil and gas reserved during the last fiscal. This, it claims, is the highest that it has done in last two decades.

In a press statement, it said, "The ultimate reserve accretion of ONGC including its joint ventures (with firms like Cairn India) in domestic fields in 2009-10 has been 87.37 million tons of oil and oil equivalent gas against the target of 76.28 million tons."