The Oil and Natural Gas Corporation (ONGC) is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields, and increasing collaborations with experts to reverse years of decline in output, said its new chairman Arun Kumar Singh.
In an interview with news agency PTI, Singh said that India’s largest oil and gas producer is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring-in experts who can help raise productivity from aging and mature fields such as prime Mumbai High.
Singh said that the company is focusing on three key areas deepwater exploration, monetizing the discovered fields on a fast track, and enhancing production from producing fields through enhanced oil recovery and improved oil recovery techniques.
“We are looking for collaborations mainly for deepwater exploration. We are also open to partnerships in the other two areas if substantial value additions are brought by the partners,” he told PTI.
The firm also believes that Indian Basins have a lot more to offer and the recent successes with Bengal Basin and Bindhyan have reinforced that belief. Also, there is a need for undertaking better exploration, and quick appraisal of the field followed by quicker development to monetize the find in the shortest possible time.oil, gas