As the biggest oil crash in a generation prompts producers from Royal Dutch Shell Plc to ConocoPhillips to cancel or delay almost $400 billion in projects, India’s state-run explorer is sticking with plans to keep drilling. Oil & Natural Gas Corp.’s board on Monday approved the $5.07 billion development of the KG block in the Bay of Bengal off the country’s east coast. The New Delhi-based company has said it will maintain its exploration activities in spite of the collapse in oil, while shrinking costs are allowing it to spend less. ONGC’s counter-cyclical approach to investing is based on a fact and an assumption, Chairman Dinesh Kumar Sarraf said in an interview in New Delhi on Tuesday. The fact: with other companies abandoning projects, costs will never be cheaper. The assumption: that same abandonment means prices will rise in coming years as growing demand overwhelms supply that’s fallen due […]