ONGC targets 25 offshore blocks with global firms

17 Oct 2023 CW Team

The Oil and Natural Gas Corporation (ONGC) hosted a roadshow on October 16-17, 2023 at Hotel Le Royal Meridien in Abu Dhabi. The purpose of the event was to attract global oil and gas firms for collaboration opportunities in offshore oil and gas projects in India.

During the roadshow, insights into business opportunities within India's offshore oil and gas infrastructure sector were provided. ONGC emphasised their ambitious Energy Strategy 2040 in light of the changing energy landscape. They expressed their commitment to doubling oil and gas production, expanding refining capacity, diversifying into renewable energy, and strengthening non-oil and gas ventures.

To achieve their growth and diversification objectives, ONGC was focusing on the early monetization of discoveries through fast-tracked project execution. They were investing in Deepwater exploration, Improved Oil Recovery (IOR), and Enhanced Oil Recovery (EOR) projects to maximize production efficiency and access previously untapped reserves.

In the next three years, ONGC planned to swiftly develop multiple offshore fields. Their strategy involved establishing over 25 offshore facilities, laying more than 1000 kilometers of subsea pipelines, and developing associated infrastructure, with an investment forecast of $11 billion.

ONGC, founded in 1956, had been instrumental in India's energy sector. The company stressed the significance of hydrocarbons for India's energy security and economic growth. They pledged to support the nation's growing energy demands, which were projected to double by 2050, aligning with the growth of renewable energy sources.

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