Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) is reportedly planning to invest about Rs 14,000 crore on exploration this fiscal and is seeking partnerships to develop its deepwater assets at a time when low oil prices have made technology and talent cheaper. The company is currently exploring the possibility of technology partnerships with firms that have competence in deepwater exploration.

An oil price crash has forced many oil firms to let go thousands of employees, making it easy for company like ONGC to employ talent and field services easily and cheaply. Further, exploration services such as seismic data acquisition, tech interpretation software and logging services have all become significantly cheaper with rates for some services falling as much as 30%.

ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.