But with things opening up, we will be able to achieve spending of close to ₹32,000 crore... maybe ₹29,000 crore to ₹30,000 crore or ₹32,000 crore," he said. ONGC, India's top oil and gas producer, had budgeted ₹32,501 crore of capital expenditure for the fiscal to March 2021 (FY21). ONGC, however, is not in favour of either floor or cap on gas prices and there is a need for a balance between both. Commenting on ONGC's second-quarter earnings, Moody's Investors Service said despite the recent recovery, crude oil prices remain below fiscal 2020 levels (fiscal year ending March 31, 2020). As such, earnings from sale of crude oil will remain at or near current levels over this period," it said.

Source: Mint November 17, 2020 14:25 UTC