ONGC Invests ₹1 Lakh Crore in Deepwater Exploration
By Business Desk
ONGC commits ₹1 lakh crore over 5 years to deepwater exploration under ‘Samudra Manthan’, aiming to boost output and reduce India’s import reliance.
Oil And Natural Gas Corp. Ltd. (ONGC) plans a substantial investment of ₹1 lakh crore over the next five years, focusing on deepwater exploration.
This strategic move, part of the ‘Samudra Manthan’ scheme, directly addresses the company’s declining oil and gas output.
Exploration Targets and Timeline
ONGC aims to drill a total of 87 deepwater and ultradeep water wells by March 2031.
These efforts are critical for identifying new reserves and reversing the current downward trend in production.
- Initial drilling target for FY27: 8 wells
- Subsequent drilling target for FY28: 10 wells
The ‘Samudra Manthan’ Initiative
The broader ‘Samudra Manthan’ scheme represents a National Offshore Exploration Scheme with a total valuation of ₹84,084 crore.
Its core objectives are to accelerate oil and gas exploration across India’s offshore basins, significantly reducing the nation’s dependence on energy imports.
The initiative also seeks to bolster India’s domestic exploration capabilities, aligning with national energy security goals.
Funding Status Update
Discussions are ongoing regarding the modalities of government support for ONGC’s extensive funding plan.
The finalization of these arrangements is still pending, as confirmed by company statements.