ONGC to Forge Collaborations for Deep Sea Exploration

ONGC plans to create strategic partnership with exploration firms in difficult areas such as deep sea exploration and enhance production through enhanced oil recovery and improved oil recovery techniques.

The oil producer will raise recovery from the existing fields to be at par with the global 30 percent and focus on collaborations with experts to witness a stable trend in output. It produced 21.707 million tonne of crude oil, and 21.68 billion cubic meters of natural gas.

While its legacy fields serve as the mainstay for base production, ONGC is looking to implement strategies in development of new fields and also new schemes to maximize recovery in mature areas such as prime Mumbai High. It aims to explore and further utilize deepwater especially in the eastern offshore to its maximum potential and finally develop and monetize the discovered fields.

These efforts will steer collaborative efforts for improved exploration, quick due diligence and quicker development to monetize the field in the shortest possible time.