ONGC’s $20 Billion Deep-Sea Gamble: The Race for India's Future Oil

Oil and Natural Gas Corporation (ONGC) is gearing up for its most ambitious oil exploration drive to date, planning to invest between USD 18 billion and USD 20 billion in securing deep-water drilling rigs.

The initiative supports the government’s Samudra Manthan mission, which aims to boost domestic hydrocarbon output and strengthen energy security. As part of this effort, ONGC has floated a tender for a combination of drillships and semi-submersible rigs on contracts of up to five years, signaling a significant expansion of offshore exploration activities. A pre-bid meeting held in Mumbai on March 20 drew participation from several Indian and global drilling firms, reflecting strong industry interest. The company has set an aggressive timeline to deploy rigs within 80 days, underscoring the urgency of scaling up deep-water operations.

In addition to ongoing projects in the KG Basin along the east coast, ONGC has initiated ultra-deep-water drilling in the Andaman and Nicobar Islands. It is also exploring strategic partnerships with global energy majors such as BP, ExxonMobil, TotalEnergies, and Petrobras to share risks associated with complex and capital-intensive exploration projects.

News by Rahul Yelligetti.