ONGC to invest ₹1 lakh crore in deepwater exploration through 2031

Oil and Natural Gas Corporation (ONGC) has announced a plan to invest approximately ₹1 lakh crore over the next five years to advance deepwater and multi-deepwater exploration in India. The initiative aims to tap into offshore oil and gas reserves, with the company intending to drill a total of 87 wells by fiscal year 2031.

Chairman and CEO Arun Kumar Singh detailed a phased drilling schedule, increasing activity from four deep-water wells in FY26 to 22 wells in FY30, with the final 23 scheduled for FY31. The company will utilize approximately ₹20,000 crore of its own funds as part of the ‘Samudra Manthan’ program, supplemented by government incentives under a recently approved ₹84,000-crore scheme.

During the company’s 33rd Annual General Meeting, Singh reported three new hydrocarbon discoveries in operated offshore acreage during FY26. He noted that while deepwater exploration is capital-intensive, technology is no longer a primary barrier. To bolster technical and commercial expertise, ONGC has signed an agreement with Shell and remains open to further international partnerships.