Explorer to begin largest-ever development drilling program Oil and Natural Gas Corp., India’s biggest explorer, is preparing to spend on its biggest ever crude binge as sub-$50 oil halves the cost of rigs and services. State-run ONGC is contracting as many as five deepwater drill ships and dozens of jack-up rigs as it launches a $5-billion development program in the Krishna-Godavari Basin off the east coast of India, Chairman Dinesh Kumar Sarraf said in an interview. The company wants to make use of the drop in hiring rates for vessels and oilfield services to lower costs and boost profit, he said. “This is the largest ever campaign undertaken by us,” Sarraf said. “Never in the past have we had five rigs in offshore deep-water at one time. We believe this is the right moment when we can increase our investment.” The company, which intends to spend 11 trillion rupees […]