Oil industry behemoth ONGC is working more together on its exploration and production projects. With companies like ExxonMobil, Chevron, TotalEnergies, Equinor, and Shell, among others, ONGC has partnerships in place to take use of the benefits of global expertise, risk sharing, and technology and skill development.
The goal of ONGC for 2023 is crystal clear: to encourage exploration and carry out the government’s directive to lessen reliance on imports. An action [plan] for three years, from 2022–2023 to 2024–2025, has been adopted. At its most recent meeting, the Exploration Portfolio Management Board (EPMB) selected 70 locations for release in 2023 with a proposed investment of Rs. 27 billion. These locations are aimed at about 150 million tonne of oil equivalent (mmtoe) of yet-to-find (YTF) resources.
Additionally, as part of ONGC’s commitment to boosting production and elevating the Bengal Basin to Category-I status, some of the freed locations would be used for reserve upgradation.
The category-I basins are those with reserves and active production; the category-II basins have contingent resources awaiting commercial production; and the category-III basins have prospective resources awaiting discovery.
The agreement with ExxonMobil for joint deepwater exploration in the KG-Cauvery and Kutch offshore basins was signed on August 17, 2022. The exploratory teams have had technical meetings, and a collaborative investigation of the Kutch basin is currently ongoing.
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