ONGC to invest Rs 31,000 cr in finding oil, gas
India’s top oil and gas producer ONGC on Thursday said it will invest Rs 31,000 crore over the next three years in exploring the Indian sedimentary basin for fuel reserves which could augment the nation’s production in its attempt to be self-reliant in the energy sector.
In a statement, ONGC said its board held a meeting on Thursday to firm up its ‘Future Exploration Strategy’.
“The company has drawn up a comprehensive roadmap to further intensify its exploration campaign, allocating a capital expenditure of about Rs 31,000 crore in the next three fiscal years during FY 2022-25. This is 150 per cent of its exploration expenditure of Rs 20,670 crore in the last three fiscals during FY 2019-22,” it said.
