State-run oil firms including Oil and Natural Gas Corporation (ONGC) will invest over Rs 76,565 crore on the project expansion during 2015-16, up 5 percent over the previous fiscal. ONGC, the nation’s most profitable company, will see its capital expenditure (capex) rise to Rs 36,249.37 crore as compared with Rs 34,813 crore in the current fiscal. Its overseas investment arm, ONGC Videsh, will invest another Rs 10,402 crore in 2015-16. This, however, is lower than the investment of Rs 12,387 crore in the current fiscal.
ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.
