State-run Oil and Natural Gas Corporation (ONGC) on Friday said that it will hold a roadshow in Abu Dhabi next week as the exploration & production (E&P) major eyes partnerships with global oil and gas companies for 25 offshore facilities in the next three years.
ONGC is organising a roadshow in Abu Dhabi on October 16 and 17 to invite global oil and gas companies for collaboration opportunities in offshore oil and gas projects. “The roadshow will offer valuable insights into business opportunities within India’s offshore oil and gas infrastructure sector,” the Maharatna company said.
Aligned with its growth plans, ONGC is embarking on an expedited development of multiple offshore fields over the next three years. Its objective is to establish more than 25 offshore facilities, lay over 1,000 km of subsea pipelines, and create associated infrastructure, requiring an investment of $11 billion, it added.
In pursuit of strategic growth aligned with the evolving energy landscape, ONGC has meticulously designed an ambitious roadmap, the Energy Strategy 2040.
“This comprehensive plan reflects its resolute commitment to double oil and gas production, expand refining capacity, diversify into renewable energy, and bolster our non-oil and gas ventures,” the CPSU said.
To achieve substantial growth and diversify its energy portfolio, ONGC prioritises the early monetisation of discoveries through accelerated project execution. It is also making significant investments in deepwater exploration, improved oil recovery (IOR), and enhanced oil recovery (EOR) projects, maximising production efficiency and tapping untapped reserves.
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ONGC has also increased its capex on E&P activities during FY24 to around ₹10,000 crore, which is around one-third of the E&P major’s total capex for the fiscal year. Besides, it will incur a capex of around 10,000 crore annually for the next five years on exploration.
The company will continue with its capex programme of over ₹30,000 crore with an emphasis on focused exploration and enhanced capex investment for the rejuvenation of mature western offshore fields.
At present, the company has 22 major projects (of over ₹100 crore) under implementation with a total capex of around ₹60,000 crore with an envisaged lifecycle gain of around 94 million tonnes of oil equivalent (MTOE). It has a strong pipeline of more than 40 upcoming projects with an estimated capex of ₹83,000 crore.