India's Biggest Oil Explorer Doubles Down Against Low Crude
- ONGC approves $5 billion for project off India's east coast
- Chairman says energy slump reduces cost of upstream projects
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As the biggest oil crash in a generation prompts producers from Royal Dutch Shell Plc to ConocoPhillips to cancel or delay almost $400 billion in projects, India’s state-run explorer is sticking with plans to keep drilling.
Oil & Natural Gas Corp.’s board on Monday approved the $5.07 billion development of the KG block in the Bay of Bengal off the country’s east coast. The New Delhi-based company has said it will maintain its exploration activities in spite of the collapse in oil, while shrinking costs are allowing it to spend less.