Oil & Natural Gas Corporation Ltd.

The Oil and Natural Gas Commission (ONGC) Limited will spend Rs 26,000 crore on capital expenditure in the next financial year. The capital expenditure in this financial year is expected at Rs 24,000 crore.

Most of the budget will be spent on Exploration and Modernization plans. The modernization works at Bombay are underway and it is a continuous process. Presently third phase of the modernization works is going on in which old pipes and structures will be replaced.

ONGC is set to invest Rs 25,000-crore in Krishna-Godavari basin in the next five years. Gas production from GS-1 and GS-15 deep water fields will start from next year. Gas production from another two blocks will begin from 2012. crackcrack