The Big Bid: ONGC Courts Global Majors for OALP-X Entry

Oil and Natural Gas Corporation (ONGC) is in advanced talks with several international partners for a joint bid in the tenth round of the Open Acreage Licensing Policy (OALP).

Arunangshu Sarkar, Director (Strategy & Corporate Affairs) at ONGC, shared the update during India Energy Week in Goa, highlighting the importance of foreign collaborations for exploring deepwater and ultra-deepwater blocks, which are highly capital-intensive and technically complex. He noted, “One deepwater well entails costs of approximately ₹1,000 crore. Partnering helps distribute the associated risks, especially in a lower oil price environment while leveraging advancements in deepwater technology.”

Globally, many international oil companies are shifting focus away from exploration due to rising costs, prioritising trading and downstream operations. Despite these challenges, ONGC continues to pursue partnerships for exploration projects, following the precedent of previous OALP rounds where it collaborated with foreign firms such as BP.

News by Rahul Yelligetti.