1 day ago
ONGC Plans ₹1 Trillion Deepwater Push, Trading Unit
ONGC is India’s biggest oil and gas company.
It wants to spend about ₹1 trillion looking for oil and gas deep under the sea.
The work will happen in Indian offshore areas through 2030-31.
ONGC plans to drill 87 deepwater and ultra-deepwater wells.
The government has a separate ₹84,000-crore program to help offshore exploration and infrastructure.
India imports most of its crude oil and about half of its natural gas, so finding more at home could improve energy security.
ONGC also wants to create an international trading business in Dubai or Singapore.
That business would buy and sell oil for companies connected to ONGC.
The company is also planning a petroleum reserve in Karnataka and talks to restart operations in Venezuela.
ONGC plans to invest about ₹1 trillion over five years through fiscal 2031 in deepwater and ultra-deepwater exploration.
The company plans to drill 87 deepwater and ultra-deepwater wells by 2030-31, including 27 in that final financial year.
ONGC says it will largely fund the exploration independently, while the government’s ₹84,000-crore Samudra Manthan scheme supports offshore drilling and infrastructure.
ONGC aims to launch an oil and petroleum-products trading venture in Dubai or Singapore by year-end, with a proposed initial capacity of up to 90 million tonnes annually.
ONGC is also preparing to resume Venezuelan operations and develop a 1.75-million-tonne strategic petroleum reserve in Karnataka.
- Who
- Oil and Natural Gas Corporation (ONGC), led by Chairman and CEO Arun Kumar Singh; its subsidiary ONGC Videsh is involved in the Venezuela plans.
- What
- ONGC plans a ₹1 trillion deepwater exploration program, an international oil-trading venture, a Karnataka strategic petroleum reserve, and a restart of Venezuelan operations.
- Where
- Exploration will target India’s offshore basins; the trading unit may be based in Dubai or Singapore; the proposed reserve is at Mangalore SEZ in Karnataka; Venezuela is the location of the overseas operations.
- When
- The exploration program runs through fiscal 2030-31; the trading unit is planned for year-end or late 2026, according to the reports.
- Why
- The plans aim to increase domestic production and strengthen energy security amid India’s high import dependence, rising demand, and declining output from ageing fields.
Key facts
- Exploration investment
- About ₹1 trillion over five years through fiscal 2031
- Planned wells
- 87 deepwater and ultra-deepwater wells by 2030-31
- Government scheme
- ₹84,000-crore Samudra Manthan, or National Offshore Exploration Scheme
- Trading venture
- Planned for Dubai or Singapore; reports differ between year-end and late 2026
- Trading capacity
- Up to 90 million tonnes annually initially
- Strategic reserve
- A proposed 1.75-million-tonne facility at Mangalore SEZ in Karnataka
- India’s import dependence
- More than 88% for crude oil and about 50% for natural gas
Quotes
Arun Kumar Singh
ONGC chairman and chief executive officer
“We already have land parcel at Mangalore SEZ. Business model is now being worked...we will shortly commence the process of construction”
livemint.com
“We are very close to it (setting up the trading platform). Already 95% work is done”
livemint.com
Sources
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