 "A company official said work stopped temporarily only at two rigs and the remaining 34 in the offshore were operational. He added there was no impact on the company's production.")
Rating agency Standard and Poor's on Tuesday said state-owned Oil and Natural Gas Corporation Ltd's (ONGC) improved earnings outlook for the next 12-18 months will support deleveraging.
"We expect the India-based company to benefit from favorable crude oil prices over FY22 (year ending March 31, 2022)," S&P said in a statement.
"It is rated at "BBB-/Stable". Our 'BBB-' issuer credit rating on ONGC remains constrained by the sovereign credit rating on India (BBB-/Stable/A-3)," the agency added.
The rating agency has revised Brent crude oil price expectations for the rest of 2021 to $65 per barrel from $60 per barrel earlier. This forecast is
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