ONGC Launches Samudra Manthan Deepwater Exploration Campaign

The state-owned Oil and Natural Gas Corporation (ONGC) is launching Samudra Manthan, a massive deepwater exploration campaign designed to counter natural production declines in mature fields and reduce India's import dependence. The company plans to invest approximately Rs 1 lakh crore over the next five years, targeting the drilling of 87 deepwater wells by fiscal year 2031. This effort will scale from four wells in FY26 to 27 by FY31, supported by annual capital expenditure exceeding Rs 30,000 crore.

To facilitate the program, the Government of India approved a Rs 84,084 crore outlay under the National Offshore Exploration Scheme through 2030-31. Because India cannot manufacture specialized deepwater vessels, ONGC is seeking to acquire its own drillships or establish joint ventures to end its reliance on foreign-owned time-charter rigs. The company has issued an Expression of Interest to hire a global rig-broking consultant to identify assets and lead negotiations, potentially funding the acquisitions through a special purpose vehicle in GIFT City.

During the company's 33rd Annual General Meeting, Chairman and CEO Arun Kumar Singh reported three new hydrocarbon discoveries in operated offshore acreage during FY26. Beyond deepwater efforts, ONGC is redeveloping Mumbai High in partnership with bp to increase oil and gas production by 2040. The company also aims to reach 10 GW of renewable energy capacity by 2030 and achieve Net Zero Scope 1 and Scope 2 emissions by 2038.