New Delhi, Oct. 14 -- State-run Oil and Natural Gas Corp. aims to save a total of Rs.9,300 crore by the financial year 2027 through a number of cost-optimization measures planned by the company.

The cost reduction would account for about 15% of the planned operational and capital expenditure cost of Rs.62,000 crore during the period, Pankaj Kumar, director (production) at ONGC, told reporters on Monday.

The company has set up a dedicated cost council in the wake of subdued oil prices and a projection of crude trading tepid around $60 per barrel in the next two fiscals.

"ONGC has embarked on a strategic journey to prepare itself for a future with 60$/barrel crude-price environment," said its presentation. Currently, over 20 initiatives ...