ONGC to spend Rs 26,000-cr on capex

ONGC will spend Rs 26,000-crore on capital expenditure in the next financial.

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The Oil and Natural Gas Commission (ONGC) Limited will spend Rs 26,000-crore on capital expenditure in the next financial year,ONGC Chairman and Managing Director R S Sharma said.

The capital expenditure in this financial year is Rs 24,000-crore,he added.

Most of the budget will be spent on Exploration and Modernization plans,Sharma told mediapersons on the sidelines of the Eighth Biennial International Conference & Exposition on Petroleum Geophysics,a three-day event began today at Hyderabad International Convention Centre (HICC).

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Sharma said the modernisation works at Bombay are underway and it is a continuous process. According to him,presently third phase of the modernisation works are going on in which old pipes and structures will be replaced.

Replying to a question on the upcoming Union budget proposals on oil and gas exploration activities,he said the cost of exploration has been going high no major investments are coming up.

There is a need to incentivise the exploration activity as the budgets on exploration is going up,Sharma said.

Earlier speaking at a press meet Sharma said the ONGC is set to invest Rs 25,000-crore in Krishna-Godavari basin in the next five years. Gas production from GS-1 and GS-15 deep water fields will start from next year.

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