Oil and Natural Gas Corporation (ONGC), India's state-owned energy giant, is set to embark on an ambitious deepwater and ultra-deepwater exploration program. The company plans to invest approximately ₹1 lakh crore (about $12 billion USD) over the next five years, with a goal of drilling 87 new wells by the financial year 2031.
Ambitious Drilling Schedule Under Samudra Manthan
This major initiative, dubbed 'Samudra Manthan' (Churning of the Ocean), was launched in August 2025 and represents one of the largest deepwater exploration efforts globally. The drilling schedule will ramp up significantly year-on-year:
- FY26: 4 wells
- FY27: 8 wells
- FY28: 10 wells
- FY29: 20 wells
- FY30: 22 wells
- FY31: 27 wells
ONGC has identified potential oil and gas reserves estimated at 5.6 million tonnes of oil equivalent (MMTOE) within these deepwater and ultra-deepwater areas. The company acknowledges that the drilling plan may be adjusted based on ongoing surveys and exploration outcomes.
Government Support and Technology Integration
The Government of India is actively supporting this strategic endeavor, having approved an outlay of ₹84,084 crore for the Samudra Manthan program under the National Offshore Exploration Scheme. This funding covers preparatory work for FY26-27 and full implementation from FY27-28 to FY30-31.
To maximize success in these challenging environments, ONGC plans to deploy advanced technologies, including artificial intelligence (AI) and machine learning (ML), to enhance its deepwater exploration capabilities. Preparatory surveys and essential groundwork are currently underway.
Broader Strategic Vision
This deepwater expansion is a critical component of ONGC's broader strategy to unlock new hydrocarbon frontiers. It aims to counter the natural decline in production from its mature fields and bolster India's energy security. The company's Western Offshore assets currently contribute roughly two-thirds of its total production, highlighting the importance of offshore operations.
ONGC also intends to maintain an annual capital expenditure exceeding ₹30,000 crore. After investing over ₹35,000 crore in FY26, the company projects spending more than ₹30,000 crore in FY27, underscoring its commitment to sustained growth and exploration.