ONGC Plans Major Deepwater Exploration Investment
State-owned ONGC aims to invest 1 trillion rupees over five years to explore deepwater fields. The company will drill 87 wells by March 2031 to arrest declining output.
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OIL & NATURAL GAS CORP LTD plans to invest 1 trillion rupees ($10.51 billion) over five years to explore local deepwater and ultradeep water fields, Chairman A.K. Singh said on Monday afternoon. The investment aims to reverse an 11-year decline in domestic crude oil production through aggressive offshore drilling. India remains heavily reliant on imports to fuel its economy, making domestic resource expansion a priority.
