ONGC Inks $7.3B Offshore Deal

Oil and Natural Gas Corporation (ONGC) has awarded a significant offshore contract to a leading shipyard, marking a major step in its ambitious expansion on India’s west coast. The contract is part of ONGC’s broader strategy to bolster its offshore infrastructure, enhancing both brownfield and greenfield developments in key coastal areas.

As ONGC gears up for substantial growth, the company has outlined plans to issue tenders for numerous offshore engineering, procurement, and construction (EPC) projects by 2025. These projects will play a crucial role in expanding India's energy capabilities, with a focus on maximizing resource extraction and optimizing existing facilities.

For the west coast alone, ONGC has earmarked $3.3 billion for thirteen offshore projects, reflecting the company's commitment to strengthening its operational footprint in the region. Additionally, ONGC is set to invest approximately $4 billion in at least five projects on the east coast, further solidifying its position as a leader in the energy sector.

These investments underscore ONGC’s long-term vision to support India’s growing energy needs, ensuring a steady and sustainable supply of resources through advanced offshore infrastructure development.

News by Rahul Yelligetti