ONGC to invest ₹1 trillion in deepwater oil and gas push

ONGC's ambitious deepwater initiative represents a significant commitment to bolster India's energy security amid falling domestic hydrocarbon reserves. The five-year programme will encompass both deep and ultra-deepwater drilling operations, marking one of the largest exploration campaigns undertaken by the national oil company in recent years.

Declining crude oil and natural gas production has emerged as a critical concern for India's energy strategy. The deepwater wells programme is intended to unlock new reserves in India's offshore basins, particularly in the Arabian Sea and Bay of Bengal, where substantial untapped resources are believed to exist.

The investment underscores ONGC's central role in India's efforts to reduce crude oil import dependence and meet growing energy demand. With 87 wells planned across deep and ultra-deepwater fields, the company aims to enhance production from existing fields and develop new discoveries that could contribute materially to national crude oil and natural gas output over the coming decade.

The deepwater exploration drive also reflects ONGC's technological advancement and operational capabilities in executing complex offshore projects in challenging marine environments. Success in these operations could help stabilize India's oil and gas production, reducing reliance on imports and supporting the country's long-term energy independence goals.