Mumbai, Sept. 3 -- Oil and Natural Gas Corporation has announced an investment of Rs one trillion (Rs 1 tn) in deepwater exploration over the next five years, with a plan to drill 87 deepwater wells during that period. The plan is presented as central to the firm's strategy to boost domestic output and is likely to be critical for reducing India's dependence on fossil fuel imports. The announcement sets a clear schedule for offshore work and aligns with broader policy initiatives.
ONGC Chairman and Chief Executive Officer Arun Kumar Singh said the company would drill seven deepwater oil and gas wells this year and aims to increase the number to 10 next year. The five-year programme consolidates earlier field development plans and sets out the drilling cadence required to meet the target of 87 wells. The investment envelope is expressed as Rs one trillion and will be allocated across seismic surveys, drilling and associated infrastructure.
The central government announced the Samudra Manthan National Offshore Exploration Scheme with an outlay of Rs 840.84 billion (Rs 840.84 bn) between FY27 and FY31, a framework designed to catalyse offshore activity. ONGC intends to coordinate its deepwater programme alongside this scheme and is also looking to expand overseas production to diversify its asset base. The combined public and corporate measures are intended to strengthen long term energy security.
Deepwater exploration involves high capital intensity, extended lead times and specialised vessels and equipment, so execution will depend on supply chain readiness and regulatory clearances. ONGC is positioning its technical teams and procurement plans to support the drilling schedule over the five year horizon. The programme will test the company's ability to deliver complex offshore projects at scale.
Published by HT Digital Content Services with permission from Construction World.