ONGC to invest Rs 1 lakh crore for deepwater exploration, says chairman

Oil and Natural Gas Corp aims to invest 1 trillion rupees ($10.51 billion) over five ‌years ⁠for exploring ⁠its local deepwater and ultradeep water fields, Chairman AK Singh said on Monday.

ONGC will drill 87 deepwater and ⁠ultradeep water ‌wells by March 2031, he said ⁠during a news conference.

India has huge untapped reserves of oil and gas in deepwater blocks, and there are now technologies available ‌to tap those resources, Singh said.


ONGC needs major discoveries to ⁠arrest the decline in its oil and gas output.