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2 clusters · 11 sources · 12 days · First seen · Last updated

ONGC deepwater exploration expansion

Overview

India’s Oil and Natural Gas Corporation (ONGC) is expanding its offshore drilling and deepwater exploration capabilities through significant investments and international partnerships.

In August 2026, Transocean Ltd. secured a binding two-year contract with ONGC valued at approximately $300 million. The agreement involves the use of the ultra-deepwater drillship Dhirubhai Deepwater KG2, with operations expected to begin in the first quarter of 2027 and potentially extend into early 2031 through priced options.

Concurrently, ONGC announced its ‘Samudra Manthan’ program, a plan to invest approximately ₹1 lakh crore over five years to advance deepwater and multi-deepwater exploration. The company aims to drill 87 wells by fiscal year 2031, scaling up from four deep-water wells in FY26 to 23 wells in FY31. This initiative will be funded by ₹20,000 crore of internal funds and ₹84,000 crore in government incentives. To support these technical efforts, ONGC has entered into an agreement with Shell and remains open to further international partnerships.

Entities

Shell · Dhirubhai Deepwater KG2 · Oil and Natural Gas Corporation · Arun Kumar Singh · ONGC

Timeline

  1. 12 days ago

    [BUSINESS] 8 sources
    ONGC to invest ₹1 lakh crore in deepwater exploration through 2031

    ONGC plans to invest ₹1 lakh crore in deepwater exploration over five years, aiming to drill 87 wells by FY31 to expand India’s offshore oil and gas reserves.

  2. 23 days ago

    [BUSINESS] 3 sources
    Transocean secures $300 million contract with ONGC in India

    Transocean Ltd. secured a $300 million contract with ONGC in India for its Dhirubhai Deepwater KG2 drillship, with operations expected to begin in early 2027.

Sources

bairdmaritime.com · english.mathrubhumi.com · europesays.com · maritimegateway.com · newindianexpress.com · newsable.asianetnews.com · pakbanker.com · pressreach.com · stocktitan.net · thelocalreport.in · worldenergynews.com