Summary
The Oil and Natural Gas Corporation (ONGC) capital expenditure (capex) during FY21 is likely to be close to Rs 32,500 crore target as it is doubling efforts to make up for the time lost due to COVID-19 pandemic.
The COVID-19 outbreak and the global restrictions that followed had disrupted the supply chain, hitting its project implementation.
The oil and gas exploration and production projects are highly dependent on foreign vendors for the supply of equipment and services, and also some facilities such as rigs are operated by a foreign crew.
However, with the gradual resumption of economic activity globally......