Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) and Oil India are planning to begin a Rs 3,200 crore stratigraphic drilling campaign in untapped offshore areas early next year, as part of efforts to discover new hydrocarbon reserves and cut reliance on imports. In the first phase, four wells will be drilled in deepsea of Andaman, Mahanadi, Saurashtra and Bengal sedimentary basins.

Global energy giant BP will provide technical expertise in identifying the locations as well as drilling. The government has agreed to compensate Oil and Natural Gas Corporation and Oil India for the cost of the stratigraphic drilling campaign. The Rs 3,200 crore estimated cost also includes a fee to be paid to BP for its services. 

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.