India ONGC to spend $105 mln on exploration, prodtn

MUMBAI, Aug 25 - India's Oil and Natural Gas Corp <ONGC.BO> said on Monday its board had approved spending 4.5 billion rupees to enhance its exploration and production capabilities.

The board has approved refurbishing a rig to meet international standards at a cost of 4.2 billion rupees and the hiring of a consultancy for acquiring or constructing a floating production and storage offloading facility that will be used to develop marginal fields, ONGC said in a statement.

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