ONGC also mentioned that it is planning to leverage international collaborations with reputed global majors for the same, for which talks are already in an advanced stage.
The Oil and Natural Gas Corporation (ONGC) India is planning to invest INR 31,000 crore in the upcoming three years. The infused funds will be deployed in exploring the Indian sedimentary basin for fuel reserves. It will pave the way for increasing the nation’s production in the energy sector and becoming self-reliant. In a statement, the corporation informed that its board held a meeting to strengthen its ‘Future Exploration Strategy’.
“The company has drawn up a comprehensive roadmap to further intensify its exploration campaign, allocating a capital expenditure of about INR 31,000 crore in the next three fiscal years during FY 2022-25. This is 150 percent of its exploration expenditure of INR 20,670 crore in the last three fiscals during FY 2019-22,” according to the statement.
Moreover, ONGC India is also looking forward to international collaborations with well-known global major firms for exploration-related activities.
As per statistics, it is found that India is dependent by over 80 percent on imports to fulfill the oil demand. Assessing avenues for increasing domestic production of oil & gas would provide a significant solution and guard the domestic market against volatility in energy prices in the international markets.
“This exploration intensification includes activities funded through ONGC’s internal program as well as funded and facilitated by the government,” the statement said.
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In the internal program, which constitutes – the re-exploration of mature basins, consolidation of emerging basins, and probing of emerging & new basins, ONGC is trying to strive for about 1,700 million tonne of oil and oil equivalent gas (MMTOE) of yet-to-find (YTF) reserves during the three fiscal years.