Market Chatter: ONGC to Invest INR1 Trillion in Deepwater Exploration Over Five Years

MT Newswires Live11:31

India's Oil and Natural Gas (NSE:ONGC, BOM:500312) aims to invest 1 trillion rupees over the next five years to explore deepwater and ultradeepwater fields in the country, Reuters reported Monday, citing Chairman A.K. Singh.

The state-run oil explorer plans to drill 87 deepwater and ultradeepwater wells by March 2031, according to the report.

India has significant untapped oil and gas reserves in deepwater blocks, while advances in technology are making it possible to develop those resources, Singh reportedly said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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