ONGC to invest Rs 1 lakh crore in deepwater exploration over next 5 years, reports 3 new discoveries
NEW DELHI: ONGC chairman and CEO Arun Kumar Singh on Monday said the exploration and production company will invest Rs 1 lakh crore in deepwater and ultra-deepwater exploration in offshore basins.Talking to reporters after AGM, Singh said India has huge untapped reserves of oil and gas in deepwater blocks. With the govt push to boost exploration and production under the Samudra Manthan scheme, for which a Rs 84,000 crore scheme was announced in July, ONGC will make the investment over five years and drill 87 exploratory wells.“There were physical limitations earlier. Govt has now released all the no-go areas,” Singh said. ONGC needs major discoveries to arrest the decline in its oil and gas output.