MUMBAI — In a monumental move for India’s energy sector, Oil and Natural Gas Corporation (ONGC) has launched a global tender valued between $18 billion and $20 billion for deepwater drilling rigs. This represents the largest offshore exploration programme in the company’s history, aimed at drastically reducing India’s dependence on energy imports.
The tender seeks to hire a specialized fleet of drillships and semi-submersible rigs capable of operating in ultra-deepwater frontier basins. This massive investment is a cornerstone of the government’s ‘Samudra Manthan’ initiative, which targets untapped hydrocarbon resources in high-potential offshore regions.
Key Highlights of the Tender
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Investment Scale: Estimated at ₹1.5–1.7 lakh crore ($18–20 billion).
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Technical Scope: Requirement for up to five specialized rigs capable of operating at depths exceeding 3,000 meters.
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Contract Duration: A firm 4-year period with a provision for a 1-year extension.
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Target Basins: Focus on the Andaman, Mahanadi, Saurashtra, Bengal, and Krishna-Godavari (KG) basins.
Strategic Importance
With India currently importing approximately 88% of its crude oil, this campaign is a critical step toward national energy self-reliance. Following a pre-bid meeting in Mumbai on March 20, which saw participation from over a dozen international drilling giants, formal bids are expected by April 2026.
The program not only aims to uncover substantial new reserves but is also expected to generate significant employment within the oilfield services sector and modernize India’s offshore technical capabilities.
