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ONGC plans US$4.4bn investment in 2017-2018

20 Feb 2017

Indian oil and gas company Oil and Natural Gas Corp (ONGC) plans to invest Rs 29,300 crore (US$4.4bn) in fiscal year 2017-2018 (April 2017-March 2018) to develop its offshore oil and gas fields. The company will maintain its investment level to that of 2016-2017, benefiting from a decreasing cost of services to intensify its physical activity.

This capital expenditure don't include the Rs 8,000 crore (US$1.2bn) that ONGC will pay to take over Gujarat State Petroleum Corp's stake in the KG Basin; the company will use internal resources to meet its funding requirement.

Indian oil companies plan to invest a total of Rs 78,000 crore (US$11.6bn) between April and December 2016 (about 90% of their annual target). The bulk of investments will be directed to offshore projects off the West coast (Daman, Bassein, Vasai East and Gamji) and off the East coast (Vasishta and Nagyalanka). Companies will also invest in the development of KGDWN-982, the deepwater block in the KG Basin.

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