State-owned Oil and Natural Gas Corp (ONGC) is mulling on a vision document for 2040 that will lay the strategic roadmap for the nation's largest oil and gas producer for the next two decades.

ONGC Chairman and Managing Director Shashi Shanker, in his speech after hoisting the national flag at the company headquarters at Dehradun, said the vision document 'Strategic Roadmap 2040' would craft the strategy for the firm as an integrated energy major with a long-term perspective.

"The document would reframe the vision and recast the objectives of Perspective Plan 2030," he said.

The Perspective Plan 2030 was ONGC's earlier vision document that outlined strategic goals for the growth of the organisation and for the energy security of the nation, a company statement said.

"Our portfolio has seen a metamorphic change in the last decade. Today our business portfolio includes E&P, refining, petrochemicals, LNG, pipelines, retail, SEZ Infrastructure, power etc. While these developments open up new vistas and opportunities for the company, they also add layers of complexity to our decision-making and strategic framework," he said.

Shanker said ONGC is considering many opportunities for sustaining growth and fulfilling its vision of becoming a global energy leader. The exercise also envisages evaluating potential growth areas, both within and outside India, so that ONGC is able to prioritise suitable actions well in advance. ?

Overall, FY18 was a solid year for ONGC, he said. "Our standalone hydrocarbon production increased year on year; the uptick in gas output was particularly impressive. Crude oil output increased marginally from FY17 levels while gas output increased by over 6 per cent to 23.5 BCM from 22.0 BCM in FY17."

Shanker also expressed satisfaction with the performance of the company's subsidiaries. Overseas production recorded another strong year of growth. Oil plus oil equivalent gas output increased to over 14 million tonnes in FY18 against 12.80 million tonnes a year back.

Performance of domestic subsidiaries and JVs was also impressive. Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded its highest ever throughput of 16.31 million tonnes with a Gross Refinery Margin (GRM) of USD 7.54 per barrel.