ONGC to infuse ₹1 lakh crore for deepwater exploration: Chairman
ONGC plans to invest ₹1 lakh crore into deepwater and ultra-deepwater exploration by 2030 to boost domestic energy production. Additionally, the company is negotiating to become the operator of its oil assets in Venezuela.
Why it matters
This investment signals a major push for energy security and technological advancement in India's state-owned oil sector.
Oil and Natural Gas Corporation (ONGC) has plans to infuse ₹1 lakh crore for deepwater and ultradeep water exploration by 2030, Chairman and CEO Arun Kumar Singh told reporters on Monday.
The company plans to drill 87 deepwater and ultra-deepwater wells during the period, he added.
Separately, Rajarshi Gupta, Managing Director of the explorer’s foreign operations arm, ONGC Videsh, told reporters that the Delhi-headquartered explorer was in talks with Venezuelan authorities for acquiring operatorship of their assets in the South American country and expecting a development to pan out in the next three months.
Elaborating on the deepwater and ultra-deepwater drilling ecosystem, Mr. Singh said there was “better technology” at the firm’s disposal and the overall initiative was fuelled by the government’s push.
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