Company News - Indian refiner Hindustan Petroleum foraying into E&P

Indian state-owned refiner Hindustan Petroleum Corp. Ltd. (HPCL) has set aside 5 billion rupees ($109 million) for oil exploration and production, which marks the latest Indian state oil and gas company saying that it wants to diversify.Late last month, HPCL Chairman and Managing Director M.B. Lal told reporters in Mumbai that the E&P allocation was "an initial investment amount for our upstream foray."In other developments related to Indian oil and gas companies:India's state-owned Oil & Natural Gas Corp. (ONGC) has earmarked 165.7 billion rupees ($3.6 billion) for capital expenditure, a figure almost 40% higher than the 110.3 billion rupees spent in the previous fiscal year. Much of...

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