In financial year 2016, ONGC's exploration cost write off was ₹5700 crore, sharply lower from financial years 2013, 2014 and 2015
Oil and Natural Gas Corporation (ONGC) is trying hard, and succeeding, in lowering exploration cost write offs, one of the largest concerns for all oil firms. Write off has nearly halved in a year and is expected to shrink further. Explorers spend millions of dollars gathering seismic data and drilling wells to discover areas that can commercially produce oil and gas. They have to write off expenses when the wells drilled in the process turn out to be dry, or with reserves that can’t be exploited commercially.
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