India's Oil & Natural Gas Corp.(ONGC)is projecting a small dip in its capital spending in the current 2023-24 fi scal year,butexploration spending is set for a modest increase.Figures disclosed in a presentation that coincided with ONGC's annual shareholder meeting last week showed that overall capex is setto decline by 0.3% to around 301 billion rupees($3.64 billion).However,the budget for exploration expenditure will rise by around 4% and claim about 10%-11% of the overall budget.The company's overall oil and gas production in the 2022-23 fi scal year to Mar.31 fell by 1.2% to around 860,300 barrels of oilequivalent per day.But it is forecasting an increase in its core production(excluding the contribution from joint ventures)to rise byaround 2% in 2023-24.In 2022-23,joint ventures contributed around 52,600 boe/d to the company's overall production.ONGC is pressing ahead with its long-delayed Krishna Godavari(KG)Basin deepwater development project off India's eastern coast.The company expects deepwater gas from the basin to account for about 40% of India's domestic gas production by 2028.
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