ONGC to boost exploration with $4b investment

A India's state-owned Oil and Natural Gas Corp (ONGC.NS) will invest 310 billion rupees ($4 billion) in the fiscal years 2022-2025, a growth of 50per cent over the last three year period, to intensify its exploration efforts, it said in a stock exchange filing.

India, the world's third biggest oil importer and consumer, ships in over 80per cent of its oil needs.

Asia's third largest economy wants to monetise its oil and gas resources to cut its import bill.

"ONGC also plans to leverage international collaborations with reputed global majors for this, for which talks are in an advanced stage," it said.

The country's top explorer said it would invest funds for acquiring seismic survey.