State-owned Oil and Natural Gas Corporation is exploring options to secure its own deepwater drilling capacity through acquisitions or joint ventures as part of India’s broader offshore exploration ambitions under the Mission Samudra Manthan programme.
State-owned Oil and Natural Gas Corporation is weighing a move to secure its own deepwater drilling capability, either by buying drillships or through a joint venture, as it steps up offshore exploration under its Mission Samudra Manthan programme. The company has invited bids for a specialist global rig-broking adviser to identify possible counterparties, assess assets and valuations, and help it work through a potential ownership structure.
According to the expression of interest, ONGC wants “dedicated, priority-access deepwater drillship capacity” for the programme and is examining both outright acquisition and a JV model. The company is also looking at setting up a special purpose vehicle in GIFT City and considering a mix of equity and debt funding, including external commercial borrowing, for any transaction.
The push comes after the Union Cabinet approved the National Offshore Exploration Scheme last month with an outlay of Rs 84,084 crore through 2030-31. India Brand Equity Foundation said the scheme is designed to accelerate offshore exploration, including deepwater and ultra-deepwater drilling, seismic surveys and supporting infrastructure, while the government aims to cut import dependence. Economic Times reported that ONGC plans to drill 150 deepwater wells over seven years under the mission.
ONGC’s interest in drillships also reflects a broader effort to build control over offshore capacity rather than depend entirely on chartered foreign rigs. The tender shows the company wants advisers to benchmark global drillship and semi-submersible deals over the past seven years, examine owners’ financial strength and technical capability, and help negotiate terms covering equity splits, governance and charter economics. The company has not yet said how many drillships it may seek or what it could spend.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
