ONGC will invest Rs 31,000 crore over the next three years to explore the Indian sedimentary basin for fuel reserves.
“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. This is 150 per cent of its exploration expenditure of Rs 20,670 crore in the last three fiscals during FY2019-22,” ONGC said as it firmed up its ‘Future Exploration Strategy’.
ONGC also plans to leverage international collaborations with reputed global majors for which talks are at an advanced stage. However, it did not elaborate on this point.
