Oil and Natural Gas Corp plans to incur Rs 19,338 crore capital expenditure in the current financial year to March, up 10 per cent on year, Chairman R S Sharma said today.
"For the sake of prudent fiscal management as also sustaining strong financials, it is desirable to retain substantial funds for capex investments," Sharma said at the company's AGM.
The company plans to increase its investment in exploration and production by 52 per cent in the current Five Year Plan ending 2011-12.
Sharma said ONGC, which has the largest exploration acreage in the country, is likely to get 20 blocks offered under the latest round of New Exploration and Licensing Policy. He said the company plans to invest $5 bln on developing its two blocks — KG-DWN-98/2 and KG-OS-DW-IV — in offshore Krishna-Godavari Basin.
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