Archive · 30 Aug 2026
ONGC Explores Drillship Ownership, JV to Accelerate Offshore Exploration
ONGC wants to find more oil and gas under the sea.
To do this, it needs special ships called drillships that can operate in deep water.
India does not currently have the ability to build these ships.
ONGC is therefore considering buying drillships or sharing ownership with another company.
It has asked a global consultant to find possible partners and help with negotiations.
This plan is part of Mission Samudra Manthan, a government programme for offshore exploration.
The programme aims to support 60 deepwater exploration wells and other offshore projects.
ONGC has not yet decided exactly how many ships it will acquire or how much they will cost.
ONGC is considering buying deepwater drillships or forming a joint venture to secure dedicated drilling capacity.
The company issued an Expression of Interest for a global offshore rig-broking consultant to identify partners, assess assets and support negotiations.
The initiative supports Mission Samudra Manthan, approved with an outlay of Rs 84,084 crore through 2030-31.
The scheme includes 60 deepwater exploration wells, seismic surveys and common offshore production infrastructure.
ONGC is considering a GIFT City special-purpose vehicle and equity-debt financing, but has not specified the number, type or cost of rigs sought.
- Who
- State-owned Oil and Natural Gas Corporation (ONGC).
- What
- ONGC is exploring drillship acquisition or a joint venture to secure dedicated deepwater drilling capacity.
- When
- The initiative was reported on August 30, 2026; its first advisory phase is expected to last three months if undertaken.
- Where
- The proposed drillships would support offshore exploration in India, with a possible transaction structured through a GIFT City special-purpose vehicle.
- Why
- ONGC wants greater control over deepwater drilling capacity and to support efforts to increase domestic oil and gas production and reduce import dependence.
- Programme
- Mission Samudra Manthan, also called the National Offshore Exploration Scheme
- Approved outlay
- Rs 84,084 crore through 2030-31
- Exploration target
- 60 deepwater exploration wells
- Government support
- Up to 50% of the cost of deepwater exploration wells, capped at Rs 675 crore per well
- Consultant assignment
- The first phase is expected to last three months; a possible second phase could last up to six months
- Rig capability sought
- Deepwater-capable floaters rated for water depths of 1,500 metres or more
- Potential financing structure
- A GIFT City special-purpose vehicle and an equity-debt funding mix, potentially including external commercial borrowing