NEW DELHI: Oil & Natural Gas Corp (ONGC), India's biggest energy explorer, is targeting earnings of Rs 14,060 crore and crude oil production of 27 million metric tonne in the year starting April 1.

State-owned ONGC has assumed a crude oil price of $53 per barrel, the company said in an e-mailed statement after signing an agreement with the oil ministry. It didn’t provide comparative figures.

New Delhi-based ONGC, which produces about 75% of India's oil, had Rs 12,990 crore earnings in the nine months ended December 31, according to Bloomberg calculations.

Natural gas production is estimated at 25 billion cubic metre in the next fiscal year, according to the statement.

ONGC shares have gained 45% in the past year compared with a 95% increase in the benchmark sensitive index.