(FE)
India’s top oil and gas producer ONGC on Tuesday said its capital expenditure during the current fiscal is likely to be close to the Rs 32,500-crore target as it is doubling efforts to make up for the time lost due to the pandemic. At an investor call, Oil and Natural Gas Corp (ONGC) Director (Finance) Subhash Kumar said the COVID-19 outbreak and the global restrictions that followed had disrupted the supply chain, hitting its project implementation.
Oil and gas exploration and production projects are highly dependent on foreign vendors for the supply of equipment and services. Also, some facilities like rigs are operated by a foreign crew. However, with the gradual resumption of economic activity globally, ONGC is hopeful of making up for the lost time, he said.
