New Delhi, Aug. 31 -- Oil & Natural Gas Corp. plans to spend about Rs.1 trillion through fiscal 2031 on deepwater exploration, anchoring India's state-backed push to boost domestic energy production and curb reliance on imported crude.

Addressing reporters on Monday after the company's annual general meeting, Arun Kumar Singh, chairman and chief executive officer of ONGC, said, "The investment will be about Rs.20,000 crore per year during the five-year period."

The five-year investment drive will target deep and ultra-deepwater offshore blocks with an estimated 5,600 million metric tonnes of oil-equivalent reserves. The state-run explorer intends to fund the push independently without relying on government subsidies from New Delhi's rec...