Oil and Natural Gas Corporation (ONGC) has plans to infuse ₹1 lakh crore for deepwater and ultradeep water exploration by 2030, Chairman and CEO Arun Kumar Singh told reporters on Monday.The company plans to drill 87 deepwater and ultra-deepwater wells during the period, he added.Separately, Rajarshi Gupta, Managing Director of the explorer’s foreign operations arm, ONGC Videsh, told reporters that the Delhi-headquartered explorer was in talks with Venezuelan authorities for acquiring operatorship of their assets in the South American country and expecting a development to pan out in the next three months.Elaborating on the deepwater and ultra-deepwater drilling ecosystem, Mr. Singh said there was “better technology” at the firm’s disposal and the overall initiative was fuelled by the government’s push.ONGC Videsh holds 40% interest in the San Cristobal oil project, while the remaining is with Venezuela’s Petroleos de Venezuela S.A. (PDVSA). It holds another 11% stake in the Carabobo project.“The target is to be the designated operator,” Mr. Gupta said, adding “What we are negotiating is the fiscal terms, the operating terms and the subsurface conditions for evacuation.” Published - August 31, 2026 10:22 pm IST