Oil and Natural Gas Corporation Limited (ONGC) is in talks with global oil majors to infuse state of the art technologies in its aggressive exploration push in Deepwaters of India.
The Maharatna held a parley of discussions with major operators in the India Energy Week in Bengaluru during 6-8 Feb 2023. ONGC held discussions with the American oil and gas giant ExxonMobil, the Norwegian energy multinational Equinor, the American oil services conglomerate Baker Hughes, the French research organization Institut Français du Pétrole on various issues like Technology, and Deepwaters.
Speaking at the prestigious Leadership Panel on “The importance of continued investment in Exploration & Production”, ONGC Chairman and Chief Executive Officer (CEO) Arun Kumar Singh said “Energy security is geography dependent. India has kept E&P investment same, and ONGC invests $ 3.5 billion to keep up production.”
Eyeing deep-water exploration, Mr. Singh highlighted that “The world is now getting balanced, as Deep-Sea investments are becoming economical. A combination of factors is there. For India and China there is one Reality. However, other geographies have different realities.”
Under its Energy Strategy 2040, Mr. Singh said that “Now, the investments needed are more as renewables have come in. So, there is an issue of structural inefficiencies which have crept in. The transition to renewables is a reality, however, oil and gas will remain in focus in the journey. It will happen eventually.”
In IEW 2023, ONGC is looking to make India’s energy self-reliant by achieving its economic aspirations. ONGC looks at IEW 2023 as a platform to foster a pentathlon of collaborations.
Looking at Deepwater Oil and Gas exploration, Enhanced Oil Recovery (EOR), boosting renewables capacity, building carbon capture, utilization and sequestration capabilities (CCUS), and developing India into the world’s leading hydrogen economy, ONGC is devoted to the event’s theme of “Growth. Collaboration. Transition.”
