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.
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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.