Dr. Sen
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New Delhi: India’s Oil and Natural Gas Corp. (ONGC), grappling with aging fields, is prepared to sacrifice profits by retaining a plan to pump Rs.11 trillion into a search for reserves even as crude slumps.
ONGC by 2030 plans to spend a sum roughly equivalent to the size of Vietnam’s economy to find more oil, as Prime Minister Narendra Modi seeks energy security. Investing as profits drop is a mix that signals potential stress for the company, according to Emkay Global Financial Services Ltd.
“We’ll invest about Rs.10,000 crore on exploration during 2015-16,” Dwivedi said in an interview in New Delhi last week. “ONGC plans to drill 50 wells, including 10 shale wells, during the year.”
ONGC breaks with big oil to invest as crude falls - Livemint
ONGC by 2030 plans to spend a sum roughly equivalent to the size of Vietnam’s economy to find more oil, as Prime Minister Narendra Modi seeks energy security. Investing as profits drop is a mix that signals potential stress for the company, according to Emkay Global Financial Services Ltd.
“We’ll invest about Rs.10,000 crore on exploration during 2015-16,” Dwivedi said in an interview in New Delhi last week. “ONGC plans to drill 50 wells, including 10 shale wells, during the year.”
ONGC breaks with big oil to invest as crude falls - Livemint
