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.
ONGC to invest $10.51 billion for deepwater exploration, says chairman
Oil and Natural Gas Corporation plans a significant investment over five years. The company will explore local deepwater and ultradeep water fields. ONGC intends to drill eighty-seven wells by March 2031. This initiative aims to tap India's vast untapped oil and gas reserves. Major discoveries are needed to counter declining production output.
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