India to spend $102 million to boost exploration and production

Published Aug 26, 2008

India’s state-owned Oil & Natural Gas Corp (ONGC) reports that its board has given the green light to a US $102m investment plan to help boost its exploration and production activity.

ONGC’s board has approved plans to refurbish a drilling rig to meet international standards at a cost of $95m, as well as $7m to hire consultants for buying or building a floating production and storage offloading facility that will be used to develop marginal fields, ONGC said in a statement.

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