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
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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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