Government-owned Oil and Natural Gas Corporation Ltd (ONGC) in a statement on 4th July 2021 said it will procure equipment and services worth over INR 30,000 Crore from local Indian manufacturers and suppliers in FY22. The equipment and services will be used to support its Oil and Gas exploration and production operations. This is part of ‘Aatmanirbhar Bharat’ initiative to provide local entities business and support.
ONGC also shared the launch of various other initiatives such as introduction of online vendor invoice management system and to support startups via seed funding.
ONGC has estimated to spend INR 15,500 Crore on major LSTK (lump sum turnkey) projects, INR 13,600 Crore on major services, and INR 2,250 Crore on major material procurement in FY 2021-22.