State-owned ONGC is hopeful of entering into partnerships with global E&P firms for 25 oil and gas blocks during its roadshow in Abu Dhabi next week.
ONGC is organising the roadshow in Abu Dhabi on October 16 and 17.
“The roadshow will offer valuable insights into business opportunities within India’s offshore oil and gas infrastructure sector,” the Maharatna company said.
Aligned with its growth plans, ONGC is embarking on an expedited development of multiple offshore fields over the next three years. Its objective is to establish more than 25 offshore facilities, lay over 1,000 km of subsea pipelines, and create associated infrastructure, requiring an investment of $11 billion, it added.
ONGC has drawn out the Energy Strategy 2040, which reflects its resolute commitment to double oil and gas production, expand refining capacity, diversify into renewable energy, and bolster our non-oil and gas ventures.
To achieve substantial growth and diversify its energy portfolio, ONGC prioritises the early monetisation of discoveries through accelerated project execution.
The Maharatna said it is also making significant investments in deepwater exploration, improved oil recovery, and enhanced oil recovery projects, maximising production efficiency and tapping untapped reserves.
ONGC said it will incur a capex of around Rs 10,000 crore annually for the next five years on exploration.
The company will continue with its capex programme of over Rs 30,000 crore with an emphasis on focused exploration and enhanced capex investment for the rejuvenation of mature western offshore fields.
