India's ONGC to spend $4bn on exploration
Indian state-run energy company ONGC will spend 310bn rupees ($4bn) in the fiscal years 2022-2025 to further intensify its exploration campaign, it said on May 26 in a stock exchange filing. This is a growth of 50% over the last three-year period.
“ONGC also plans to leverage international collaborations with reputed global majors for this, for which talks are in an advanced stage,” the company said.
The company said it will try to probe around 1,700mn metric tons of oil and oil equivalent gas of yet-to-find reserves during 2022-25. It will drill around 115-120 wells with an estimated outlay of 100bn rupees every year for the next three years.
Meanwhile, ONGC has invited global oil and gas companies to join as a partner in the development of the Deen Dayal West project in the KG basin. It is also looking for a partner for appraisal and development of the ultra-deep discoveries in Cluster-III, NELP Block KG-DWN-98/2, according to a tender document posted on its website. The deadline for submitting expressions of interest is June 16.