ONGC to invest $104.65 Mn for exploration, production

Wednesday, 27 August 2008, 03:47 Hrs
Printer Print Email Email
New Delhi: State-run hydrocarbon major Oil and Natural Gas Corp (ONGC) Monday said its board has approved spending 4.5 billion ($104.65 million) to enhance its exploration and production capabilities.

The board has approved refurbishing its offshore drilling rig Sagar Ratna at a cost of 4.2 billion. The repair work will be carried out by Hindustan Shipyard Ltd.

The board has also approved a proposal to hire a consultant through international bidding for acquiring or constructing a floating production and storage offloading (FPSO) vessel at a cost of 268 million.

"The FPSO will be used to develop marginal fields," the statement said.
Source: IANS
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..