ONGC eyes pact with global oil & gas majors for 25 offshore blocks - ETEnergyWorld
ONGC eyes pact with global oil & gas majors for 25 offshore blocks, ET EnergyWorld
ONGC eyes pact with global oil & gas majors for 25 offshore blocks
The roadshow is set to provide insights into business opportunities within India's offshore oil and gas infrastructure sector.
ONGC) will host a roadshow on 16 and 17 October 2023 at Hotel Le Royal Meridien in
Abu Dhabi, aiming to attract global oil and gas firms for collaboration opportunities in
offshore oil and gas projects in India.
The roadshow is set to provide insights into business opportunities within India's offshore oil and gas infrastructure sector.
In line with the evolving energy landscape, ONGC detailed its ambitious Energy Strategy 2040. The plan underscores ONGC's commitment to double oil and gas production, expand refining capacity, diversify into renewable energy, and strengthen its non-oil and gas ventures.
To realize its growth and diversification goals, ONGC is focusing on the early monetization of discoveries through fast-tracked project execution. The company is investing in Deepwater exploration,
Improved Oil Recovery(IOR), and Enhanced Oil Recovery (EOR) projects to maximize production efficiency and access previously untapped reserves.
ONGC's development strategy for the coming three years includes a swift development of multiple offshore fields. The company plans to establish over 25 offshore facilities, lay more than 1000 kilometers of subsea pipelines, and develop associated infrastructure, with an investment forecast of $11 billion.
Since its founding in 1956, ONGC has played a pivotal role in India's energy sector. The company highlighted the importance of hydrocarbons for India's energy security and economic growth, committing to support the nation's growing energy demands, which are projected to double by 2050, in tandem with the growth of renewable energy sources.
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