ONGC to boost exploration with $4 bln investment over 3 years

India’s state-owned Oil and Natural Gas Corp will invest 310 billion rupees ($4 billion) in the fiscal years 2022-2025, a growth of 50% over the last three year period, to intensify its exploration efforts, it said in a stock exchange filing. India, the world’s third biggest oil importer and consumer, ships in over 80% of its oil needs.

Asia’s third largest economy wants to monetise its oil and gas resources to cut its import bill. “ONGC NSE -4.58 % also plans to leverage international collaborations with reputed global majors for this, for which talks are in an advanced stage,” it said.