ONGC plans ₹1 lakh crore deepwater push, targets 87 wells by FY31

State-owned Oil and Natural Gas Corporation (ONGC) plans to invest around ₹1 lakh crore over the next five years to accelerate exploration and development of its deepwater and ultra-deepwater assets, with a target of drilling 87 wells by FY31, according to the company’s presentation at its AGM media interaction.

Under its deepwater programme, ONGC has identified potential oil and gas reserves of around 5.6 million tonnes of oil equivalent (MMTOE) across deepwater and ultra-deepwater areas.

The drilling programme is expected to scale up significantly over the next five years. ONGC plans to drill four deepwater wells in FY26, followed by eight in FY27, 10 in FY28, 20 in FY29, 22 in FY30 and 27 wells in FY31.

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The company said the deepwater campaign is among the largest such exploration programmes globally. The programme, titled Samudra Manthan, was launched in August 2025.

Government approves ₹84,084 crore outlay

The deepwater push is also being supported by the government. According to ONGC’s presentation, the Government of India has approved an outlay of ₹84,084 crore for Samudra Manthan under the National Offshore Exploration Scheme.

The approved outlay covers the preparatory year FY26-27 as well as implementation from FY27-28 to FY30-31.

ONGC said it is currently undertaking surveys and preparatory work for the planned drilling programme. The company also plans to deploy advanced technologies, including artificial intelligence and machine learning, as part of its deepwater exploration efforts.

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The company said the drilling plan could be modified depending on the outcome of ongoing surveys and exploration activities.

The deepwater programme forms part of ONGC’s broader strategy to unlock new hydrocarbon frontiers as production from its mature fields faces natural decline.

ONGC has also been increasing its focus on offshore production. Its Western Offshore assets currently account for around two-thirds of the company’s production, according to the management presentation.

The deepwater expansion comes alongside ONGC’s plans to maintain capital expenditure at more than ₹30,000 crore annually. The company invested over ₹35,000 crore in FY26 and plans to spend more than ₹30,000 crore in FY27.