New Delhi: State-run hydrocarbon major Oil and Natural Gas Corp (ONGC) Monday said its board has approved spending Rs.4.5 billion ($104.65 million) to enhance its exploration and production capabilities.

The board has approved refurbishing its offshore drilling rig Sagar Ratna at a cost of Rs.4.2 billion. The repair work will be carried out by Hindustan Shipyard Ltd.

The board has also approved a proposal to hire a consultant through international bidding for acquiring or constructing a floating production and storage offloading (FPSO) vessel at a cost of Rs.268 million.

"The FPSO will be used to develop marginal fields," the statement said.