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India, which imports about 80% of its oil needs, wants to quickly monetise its oil and gas reserves and has been nudging its state explorers to boost oil and gas production. Photo: Reuters
India, which imports about 80% of its oil needs, wants to quickly monetise its oil and gas reserves and has been nudging its state explorers to boost oil and gas production. Photo: Reuters

ONGC sets $2.64 billion capex for drilling oil, gas wells in 2018/19

ONGC aims to drill 535 oil and gas wells in this fiscal year to March 2019, compared with 503 well drilled in the previous year

New Delhi: Oil and Natural Gas Corp (ONGC), India’s top explorer, said on Wednesday it plans to invest Rs17,615 crore ($2.64 billion) on drilling in 2018/19, a growth of about 24% over the last fiscal year.

ONGC aims to drill 535 oil and gas wells in this fiscal year to March 2019, compared with 503 well drilled in the previous year, the company said in a statement.

India, which imports about 80% of its oil needs, wants to quickly monetise its oil and gas reserves and has been nudging its state explorers to boost oil and gas production.

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