25-08-08 Oil and Natural Gas Corp (ONGC) said its board had approved spending rupees 4.5 bn ($ 105 mm) to enhance its exploration and production capabilities.
The board has approved refurbishing a rig to meet international standards at a cost of rupees 4.2 bn and the hiring of a consultancy for acquiring or constructing a floating production and storage offloading facility that will be used to develop marginal fields, ONGC said.