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India's ONGC set to benefit from Big Oil's spending cuts

The company expects exploration costs to fall by one-fifth as fees for rigs and vessels moderate

Published Wed, Oct 7, 2015 · 09:50 PM

New Delhi

THE worst commodity slump in a generation has a silver lining for India's state-run energy explorer.

Oil & Natural Gas Corp predicts exploration costs will drop a fifth as fees for rigs and vessels moderate after businesses including BP plc and Royal Dutch Shell plc curbed outlays. That could mean a saving of 49 billion rupees (S$1.06 billion) on planned exploration spending of 245 billion rupees in the year through March 2016, Bloomberg calculations based on company estimates show.

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India's ONGC set to benefit from Big Oil's spending cuts

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