Oil and Natural Gas Corporation (ONGC) is set to spend an estimated $18–20 billion to hire deep-water drilling rigs for what would be its largest oil exploration initiative to date, according to sources familiar with the matter.
Last month, ONGC issued a tender for the rigs as part of the government’s Samudra Manthan mission, aimed at boosting India’s energy security. A pre-bid meeting held on March 20 in Mumbai saw participation from a dozen domestic and international drilling companies.
“The tender covers a mix of drill ships and semi-submersible rigs for up to five years. Mobilisation is expected within 80 days, showing the urgency to expand deep-water operations,” said a senior industry official who attended the meeting.
ONGC is currently working in the KG Basin off India’s east coast and has begun ultra-deep-water drilling in the Andaman region. The company is also pursuing collaborations with major energy players such as BP, ExxonMobil, Total Energies, and Petrobras to manage risks in high-cost frontier exploration. The tender follows an international competitive bidding process for experienced offshore drilling contractors.
