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Energy | ONGC’s spending on exploration may rise

Energy | ONGC’s spending on exploration may rise

New Delhi:Oil and Natural Gas Corp. Ltd(ONGC), India’s biggest energy explorer, plans to increase spending by 7.3% in the year starting April on exploration, production and replacing old pipelines, according to the government.

ONGC plans to spend Rs26,523 crore compared with Rs24,720 crore in the year ending March, Jitin Prasada, minister of state in the ministry of petroleum and natural gas, said on Tuesday.

Prasada also said that the US has not raised the issue of petrol sales by Reliance Industries Ltd to Iran, but New Delhi has told the US government that issues with Tehran should be settled by talks, not sanctions.


Govt to seek bidders for 4,000MW power plant

New Delhi: India will seek initial bids from companies next week to build a 4,000MW electricity generation plant as part of efforts to reduce blackouts, according to a person familiar with the matter.

Power Finance Corp. Ltd, the state-run lender managing the process, will invite companies on 15 March to compete for the project at Surguja in Chhattisgarh, the person said, asking not to be identified because the plan isn’t public. Companies will have until 29 April to respond, he said.

— Bloomberg


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