State-run ONGC is looking at opportunities for optimising its capital and operational expenditures as the coronavirus pandemic has impacted the progress of its projects.
“The short term liquidity position was managed by raising short term borrowings to the extent required. The onset of Covid-19 itself will impact project progress to some extent and the Company is identifying opportunities for Capex and Opex optimisations,” Oil and Natural Gas Corporation Ltd (ONGC) said in a regulatory filing.
It said that going forward it is anticipated that a combination of higher oil and gas prices, rationalisation in expenses and some statutory relief will help the company to protect and maintain our activity level.
