State-owned Oil and Natural Gas Corp (ONGC) may see capital spending this fiscal reduce by close to one-fifth after COVID-19 related restrictions delayed projects, its director-finance Subhash Kumar said on Wednesday.
ONGC, India’s top oil and gas producer, had budgeted Rs 32,501 crore of capital expenditure for the fiscal to March 2021 (FY21).
But the actual spending may be around Rs 26,500 crore as project implementations got impacted due to COVID-19 restrictions disrupting supply chain and movement of labour, he said at post-first-quarter earnings call with investors.
