State-owned ONGC on Friday said it will not cut capital expe-nditure despite its revenues falling because of international oil prices slumping to 12 year low.
State-owned ONGC on Friday said it will not cut capital expe-nditure despite its revenues falling because of international oil prices slumping to 12 year low.
The fall in cost of services, however, will lower the financial outgo, it said. “There will be no cut in capex activities. In fact there will be an increase, but financially there will be a reduction because of the fall in ser-vices cost,” ONGC chairman and MD Dinesh K. Sarraf told reporters here.
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