Oil And Natural Gas Corp. Ltd. is set to invest Rs 1 lakh crore into deepwater exploration for the next five years as a part of the Samudra Manthan scheme, as per a statement from the company's Chairman Arun Kumar Singh on Monday.
Singh stated that government support has not yet factored into the funding plan, adding that the funding decision will be a commercial call. The firm said that it awaits the fine print regarding support from the authorities.
He also stated that the modalities of government support are still being worked out and are yet to be finaliser. The company's senior executive said that it will take a call on the government funds after the fine print arrives.
ONGC will drill 87 deepwater and ultradeep water wells by March 2031. It is targeting eight deep water wells in financial year 2027 and ten deep water wells in fiscal 2028.
The company requires major discoveries to arrest the decline in its oil and gas output.It identified 5.6k million metric tonnes of oil equivalent (MMToE) of oil and gas reserves available in deepwater areas.
'Samudra Manthan', is a Rs 84,084-crore National Offshore Exploration Scheme aimed at accelerating oil and gas exploration in India's offshore basins and reducing dependence on energy imports.
ALSO READ: Cabinet Clears Rs 84,000-Crore Scheme For Offshore Oil, Gas Exploration
The Central Sector Scheme, to be implemented by the Ministry of Petroleum & Natural Gas through financial year 2030-31, seeks to strengthen domestic exploration, expand production capabilities and build an integrated offshore energy ecosystem, according to an official government statement.
According to a government press release, the approval follows Prime Minister Narendra Modi's Independence Day 2025 call for a modern-day 'Samudra Manthan' to unlock India's offshore energy potential.
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