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Home / Companies / News /  ONGC to boost exploration with ₹31,000 cr investment
over 3 years


ONGC TO BOOST EXPLORATION WITH ₹31,000 CR INVESTMENT OVER 3 YEARS

Premium A land drilling oil rig, manufactured by Megha Engineering and
Infrastructures Ltd. (MEIL) and operated by Oil and Natural Gas Corp.
(Bloomberg) 2 min read . Updated: 26 May 2022, 10:16 PM IST Livemint

 * In a statement, ONGC said its board held a meeting today to firm up its
   'Future Exploration Strategy'



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India's state-owned Oil and Natural Gas Corp (ONGC) on Thursday said it will
invest ₹31,000 crore in the fiscal years 2022-2025, a growth of 50% over the
last three year period, to intensify its exploration efforts.



In a statement, ONGC said its board held a meeting today to firm up its 'Future
Exploration Strategy'.

"The company has drawn up a comprehensive roadmap to further intensify its
exploration campaign, allocating a capital expenditure of about ₹31,000 crore in
the next three fiscal years during FY 2022-25. This is 150 per cent of its
exploration expenditure of ₹20,670 crore in the last three fiscals during FY
2019-22," it said.



"ONGC also plans to leverage international collaborations with reputed global
majors for this, for which talks are in an advanced stage," the top oil and gas
producer said in a stock exchange filing.

India, the world's third biggest oil importer and consumer, ships in over 80% of
its oil needs. Asia's third largest economy wants to monetise its oil and gas
resources to cut its import bill.

The company said it would invest funds for acquiring seismic survey and drilling
of 115-120 wells every year to "probe around 1700 million tonnes of oil and oil
equivalent gas of yet to find reserves".

ONGC is also offering a stake to global oil companies to help develop its
challenging fields off the country's east coast.

ONGC will complete the technical bid opening (TBO) for seismic data acquisition
by next month.

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In Andaman Basin, ONGC presently holds two blocks for exploration under the Open
Acreage Licensing Policy (OALP).

"Government of India has also acquired seismic data in some sectors within
'No-Go' areas and few prospects are already identified," it said without giving
details.

ONGC plans to drill six wells in the next three years (two under ONGC committed
work program and four through government funding).

Reputed global companies/consultants are being invited for the assessment of the
basin for future exploration and exploitation plan.

"ONGC's internal program has three components - re-exploration of mature basins,
consolidation of emerging basins and probing of emerging and new basins," the
statement read.


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