ONGC to significantly expand oil exploration

Indian state firm Oil and Natural Gas Corporation (ONGC) plans to raise fourfold its exploration and production acreage by 2025, India’s petroleum minister said, as the oil importer looks to reduce its large dependence on crude imports.
ONGC’s strategy for the future includes boosting the E&P acreage from the current 127,000 square kilometers to 500,000 square kilometers by 2025, Indian Petroleum and Natural Gas Minister Hardeep Singh Puri tweeted after visiting the company’s integrated energy center in Maharatna.
The state oil firm will “also focus on green hydrogen & other sources of enhancing domestic petroleum & natural gas production in the country which will contribute in reducing the fuel import bill,” the minister added.
ONGC accounts for around 75% of India’s oil and gas production, while its long reserve life of 15 years provides visibility on future cash flows and is comparable to that of ‘A-rated peers, Fitch Ratings said in a report on the company earlier this month. Fitch has a ‘bbb+’ standalone credit profile (SCP) rating on ONGC.
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