ONGC plans massive capex spent
Oil and Natural Gas Corporation (ONGC) has earmarked `3000 billion towards capital expenditure in financial year 2021-22, and aims at an output of 22.56 million tonnes of crude oil and 24.89 billion cubic metres of gas during the year. The company said it estimates to spend `1550 billion in major lump sum turnkey projects, `1360 billion on major services, `22.5 billion on major material procurement in financial year 2021-2022. The company has reiterated its intention to procure the required goods and services locally. The company had held a meeting of over 300 of its business partners to pitch their suggestions, in order to make the collaborative ecosystems more efficient. The company shared details with its partners on various initiatives such as the introduction of a new development order policy, introduction of online vendor invoice management system, encouragement towards startups, as well as promoting its efforts to encourage indigenous business partners.