To invest $5 b in developing gas finds in the Eastern offshore KG basin blocks SETTING SIGHTS HIGH: R. S. Sharma (right), Chairman and Managing Director, ONGC, with A. K. Balyan, Director (Human Resource), addressing the media in New Delhi on Friday. NEW DELHI: Seeking to set high standards in performance and improve reserve replacement ratio by intensifying exploratory efforts, State-run Oil and Natural Gas Corporation (ONGC) on Friday announced that it was raising its spending on oil and gas hunt by over 75 per cent during the XI Plan. ONGC will invest Rs. 1,30,043 crore during 2007-12 against Rs. 74,060 crore during the X Plan, ONGC Chairman and Managing Director, R. S. Sharma told a news conference here after the company