As per the proposed arrangements, ONGC Videsh's powers to make investment decision will be lifted from its present level of Rs. 300 crore to Rs. 3000 crore, which will help the oil major in faster execution of financial decisions.
A spokesperson of ONGC Videsh quoted, "At present, we have to seek approval at various levels for even drilling a well in our properties abroad. This entails long procedures and delays, which usually upset our foreign partners in fields. With greater financial powers, the decisions will be quicker."