India’s ONGC to invest 1trn rupees for deepwater exploration
India's Oil and Natural Gas Corporation aims to invest one-trillion rupees ($10.51-billion) over five years for exploring its local deepwater and ultradeep water fields, chairperson AK Singh said on Monday.
ONGC will drill 87 deepwater and ultradeep water wells by March 2031, he said during a news conference.
India has huge untapped reserves of oil and gas in deepwater blocks, and there are now technologies available to tap those resources, Singh said.
ONGC needs major discoveries to arrest the decline in its oil and gas output.
Source: Mining Weekly