Oil and Natural Gas Corporation (ONGC) has initiated what could be its largest-ever oil exploration programme, with plans to invest $18–20 billion in hiring deepwater drilling rigs. The move is aimed at strengthening India’s energy security by boosting domestic hydrocarbon production and reducing dependence on imports.
Massive Deepwater Exploration Push
As part of the initiative, ONGC has floated a global tender seeking a mix of drillships and semi-submersible rigs for a contract period of up to five years. The tender is aligned with the government’s Samudra Manthan mission, which focuses on expanding deepwater exploration in India.
According to industry sources, a pre-bid meeting held in Mumbai on March 20 saw participation from several domestic and international drilling companies. The company is also pushing for rapid mobilisation of rigs within 80 days, highlighting its urgency to scale up offshore exploration activities.
Focus Areas and Strategic Importance
ONGC is targeting key offshore regions, including the Krishna-Godavari (KG) Basin and ultra-deepwater blocks in the Andaman region, which are believed to hold significant untapped reserves. The company has also initiated ultra-deepwater drilling in these areas and is exploring partnerships with global energy majors such as BP, ExxonMobil, TotalEnergies, and Petrobras to mitigate risks associated with complex exploration projects.
India still relies heavily on imports, with a large part of its crude oil, LPG, and natural gas coming from other countries. The program comes at a time when this is the case. The deepwater push is thought to boost domestic production and make the energy sector more resilient in the long run, even though things are uncertain around the world.
Industry Perspective
“The tender seeks a mix of drill ships and semi-submersible rigs for up to five years. This programme will cost ONGC around $18–20 billion,” a senior industry official said. The official added that the tight mobilisation timeline reflects ONGC’s strong intent to accelerate deepwater operations.
The initiative underscores ONGC’s strategic shift toward deepwater exploration, positioning it as a critical pillar in India’s long-term energy security roadmap.
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