ONGC Videsh earmarks $1bn for oil production growth

ONGC Videsh, the overseas arm of Indian exploration and production (E&P) major ONGC, is aiming to complete a $1-billion capital expenditure programme during the 2017/18 financial year. This investment spread across exploration, development and production will enable ONGC Videsh to achieve oil production growth of 15%, or 14.35-million tons oil equivalent, from its assets by the end of the 2017/18 financial year.