World · India Bureau
ONGC pursues drillship acquisition to boost deepwater exploration capacity
State-owned Oil and Natural Gas Corporation is seeking to acquire or jointly operate deepwater drillships to accelerate offshore oil and gas exploration under its Mission Samudra Manthan initiative. The move aims to secure dedicated drilling capacity for priority projects in India's offshore basins.
LSN India ·
ONGC has launched a structured programme to establish dedicated deepwater drilling capacity as it intensifies efforts to unlock hydrocarbon reserves across India's offshore regions. The state explorer has issued an Expression of Interest to engage international offshore rig-broking specialists to identify potential drillship acquisition targets and assess joint venture opportunities.
The initiative reflects ONGC's strategy to accelerate exploration activities under Mission Samudra Manthan, a comprehensive programme aimed at enhancing offshore hydrocarbon recovery. By securing priority access to deepwater drilling assets, the company seeks to reduce operational delays and expedite the evaluation of unexplored blocks in India's sedimentary basins.
The EOI process will support ONGC in identifying suitable drillship owners, evaluating asset valuations, and structuring negotiations for either outright ownership or collaborative joint venture arrangements. This approach is intended to provide the state oil major with consistent, dedicated capacity for its deepwater exploration portfolio without the constraints of competing for rigs in the global market.
The move underscores ONGC's commitment to augmenting India's domestic oil and gas production amid global energy transitions. Deepwater drilling remains critical to accessing significant hydrocarbon reserves in Indian waters, particularly in basins that have shown considerable exploration potential but require sustained drilling campaigns.