ONGC Dives Deeper: Mission Samudra Manthan Sparks Drillship Hunt

Oil and Natural Gas Corporation (ONGC) is advancing its deepwater exploration strategy under Mission Samudra Manthan by pursuing the acquisition of deepwater drillships or establishing a joint venture.

To facilitate this, the company issued an expression of interest (EOI) to appoint a global offshore rig-broking consultant. The consultant will be tasked with identifying drillship owners, evaluating assets and valuations, and assisting with ownership or joint venture negotiations.

This initiative aligns with the Union Cabinet’s approval of the Rs 84,084-crore National Offshore Exploration Scheme, which runs through 2030-31 to accelerate exploration in deepwater and ultra-deepwater regions. Under this scheme, the government will cover up to 50 percent of the costs associated with deepwater exploration wells.

For the transaction structure, ONGC is evaluating a GIFT City special purpose vehicle (SPV) alongside a combined equity-debt financing model.

News by Rahul Yelligetti.