India’s state-owned Oil and Natural Gas Corp (ONGC) on Thursday said it will invest ₹31,000 crore in the coming fiscal years 2022-2025. Where the estimated growth will be of 50% compared to the last three year period.
This proposed decision has been taken to intensify its exploration efforts.
ONGC has also plans to leverage international collaborations with reputed global majors. The company sad that talks are in an advanced stage and soon deals will be made available.
The board members’ meeting which was held on Thursday has decided the following:
“The company has drawn up a comprehensive roadmap to further intensify its exploration efforts. Allocating a capital expenditure of about ₹31,000 crore in the next three fiscal years during FY 2022-25. This is 150 per cent of its exploration expenditure of ₹20,670 crore in the last three fiscals during FY 2019-22″. It said.
ONGC said it would invest funds for acquiring seismic survey. And drilling of 115-120 wells every year to research about 1700 million tonnes of predicted oil reserves.
ONGC is also planning to offer a stake to global oil companies. Moreover, to help develop its challenging fields off the country’s east coast.
The company has planned to drill six wells in the next three years of time.
Reputed global companies are being invited for the assessment of the basin for future exploration and exploitation plans.
“ONGC’s internal program has three components -exploration of mature basin and probing of emerging and new basins”. The statement read.