Investment in oil & gas to be 30% below pre-covid level: ONGC

Global investment in upstream oil and gas sector will be around 30 per cent below pre-pandemic levels according to Oil and Natural Gas Corporation (ONGC) Chairman, Subhash Kumar. Delivering his speech at the 28th Annual General Meeting of the company, Kumar said, “Last year, global upstream investments sank to a 15-year low at 350 billion dollars, as operators focused predominantly on conserving cash flows and protecting their balance sheets by cutting their expenditures. While investments are expected to increase by 3-4 percent this year, it would still be around 30 percent lower than prepandemic levels.”