+
ONGC Explores Drillship Acquisition For Deepwater Capacity
OIL & GAS

ONGC Explores Drillship Acquisition For Deepwater Capacity

Oil and Natural Gas Corporation (ONGC) is exploring the acquisition of deepwater drillships or the formation of a joint venture to secure dedicated drilling capacity under its Mission Samudra Manthan programme. The company has issued an expression of interest to hire a specialist global offshore rig broking consultant to identify potential drillship owners, assess assets and valuations, and advise on negotiating an ownership or joint venture arrangement. The initiative aims to create priority access to deepwater drillship capacity to accelerate offshore exploration.

The Union Cabinet approved the National Offshore Exploration Scheme, known as Samudra Manthan, with an outlay of Rs 840.84 bn through 2030-31, the EOI said. The central scheme envisages drilling of 60 deepwater exploration wells, large scale seismic surveys, common offshore production and evacuation infrastructure, and an Oil and Gas Manufacturing and Services Zone to support domestic production and lower import dependence.

Under the scheme the government will provide financial support of up to 50 per cent of the cost of deepwater exploration wells, subject to a cap of Rs 6.75 bn per well. ONGC noted that India lacks domestic capacity to build deepwater drillships and currently relies on foreign owned rigs typically engaged through time charters, prompting consideration of ownership or a joint venture model.

The consultant engagement is structured in two phases, with an initial three month phase for identifying and shortlisting counterparties and establishing an indicative commercial basis, followed by a second phase of up to six months covering negotiations, documentation, financing coordination and transaction closure. The EOI requests market intelligence on owners with floaters rated for water depths of 1,500 metres or more and experience in drillship and semi submersible transactions over the past seven years, and mentions potential structuring through a GIFT City special purpose vehicle (SPV).

Oil and Natural Gas Corporation (ONGC) is exploring the acquisition of deepwater drillships or the formation of a joint venture to secure dedicated drilling capacity under its Mission Samudra Manthan programme. The company has issued an expression of interest to hire a specialist global offshore rig broking consultant to identify potential drillship owners, assess assets and valuations, and advise on negotiating an ownership or joint venture arrangement. The initiative aims to create priority access to deepwater drillship capacity to accelerate offshore exploration. The Union Cabinet approved the National Offshore Exploration Scheme, known as Samudra Manthan, with an outlay of Rs 840.84 bn through 2030-31, the EOI said. The central scheme envisages drilling of 60 deepwater exploration wells, large scale seismic surveys, common offshore production and evacuation infrastructure, and an Oil and Gas Manufacturing and Services Zone to support domestic production and lower import dependence. Under the scheme the government will provide financial support of up to 50 per cent of the cost of deepwater exploration wells, subject to a cap of Rs 6.75 bn per well. ONGC noted that India lacks domestic capacity to build deepwater drillships and currently relies on foreign owned rigs typically engaged through time charters, prompting consideration of ownership or a joint venture model. The consultant engagement is structured in two phases, with an initial three month phase for identifying and shortlisting counterparties and establishing an indicative commercial basis, followed by a second phase of up to six months covering negotiations, documentation, financing coordination and transaction closure. The EOI requests market intelligence on owners with floaters rated for water depths of 1,500 metres or more and experience in drillship and semi submersible transactions over the past seven years, and mentions potential structuring through a GIFT City special purpose vehicle (SPV).

Related Stories

Gold Stories

Next Story
Real Estate

Mumbai Central Emerges as a New Luxury Residential Corridor

Mumbai Central is emerging as a growing premium residential micro-market in South Mumbai, supported by improved connectivity, new redevelopment projects and proximity to major business districts.Residential capital values in the area are currently estimated at around ₹50,000-₹85,000 per sq ft, compared with ₹85,000 to more than ₹1.5 lakh per sq ft in parts of Worli, according to market estimates cited by industry players. The area has also recorded annual appreciation of around 14-18 per cent, although transaction activity and pricing vary across projects and locations.The area's chang..

Next Story
Technology

Bridgestone India Opens New Select Store in Pune

Bridgestone India has opened a new Bridgestone Select Store at Hinjewadi Phata in Pune, strengthening its retail presence in the city and Maharashtra.The new outlet, Deepraj Tyres, is located at Hinjewadi Phata/Wakad Bridge. Designed as a one-stop destination for passenger vehicle owners, the store offers tyres, expert guidance and wheel care services supported by modern equipment.“Pune is an important market for Bridgestone. The opening of this Select Store in the city reflects our commitment to offering customers easy access to premium products and trusted services. Our focus is on buildin..

Next Story
Infrastructure Transport

VECV, Rosmerta Partner for Authorised Vehicle Scrapping in NCR

VE Commercial Vehicles (VECV) and Rosmerta Auto Recycling Pvt Ltd (RARPL) have entered into a strategic partnership to facilitate the authorised scrapping and recycling of end-of-life (ELV) commercial vehicles across the National Capital Region (NCR).The collaboration will provide Eicher Trucks and Buses dealers and customers with access to a structured, transparent and compliant vehicle scrapping process. It aims to help commercial vehicle owners retire ageing trucks and buses through authorised channels while supporting fleet renewal and responsible resource recovery.The partnership comes as..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code