MUMBAI, Dec 24 (Reuters) - Indian state-run explorer Oil and
Natural Gas Corp <ONGC.BO> will spend $696 million in upgrading
pipelines and in capex for offshore fields, it said on Monday.
The board has approved spending 26 billion rupees ($660 million) over three years in strengthening the pipeline network
for oil and gas at its Mumbai Offshore fields, which it expects
will produce until 2020, it said in a statement to the exchange.
The ONGC board also approved capex of $36 million in
Phase-III development of PY-3 in the Cauvery offshore field, it
said. ONGC holds 40 percent in the field.
The board declared an interim dividend of 180 per cent, or 18
rupees per share.
Ahead of the news, shares in ONGC ended up 4.8 percent at
1,247.40 rupees in a firm Mumbai market.
($1=39.4 rupees)
(Reporting by Rina Chandran; Editing by Mark Williams)
(([email protected]; +91 22 6636 9251; Reuters
Messaging: [email protected]))
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