ONGC’s $20 Bn Deep-Sea Gamble: India’s Biggest-Ever Oil Hunt Under Samudra Manthan

Oil and Natural Gas Corp (ONGC) is mulling spending as much as $20 billion to hire deep-water drilling rigs for what would be its biggest-ever oil exploration programme, The Economic Times reported, citing sources. Last month, the oil major issued a tender for rigs as it seeks to accelerate hydrocarbon exploration as part of the government’s Samudra Manthan mission.

The mission aims to boost the country’s energy security, which is currently heavily dependent on imports and ‘just-in-time’ supplies, making supply chains vulnerable to geopolitical disruptions and price volatility.

Several domestic and international drilling companies attended a pre-bidding meeting that ONGC held in Mumbai on March 20, the report said. “The tender seeks a mix of drillships and semi-submersible rigs for up to five years.

This programme will cost ONGC around $18–20 billion,” the report quoted a senior industry official as saying. “ONGC is seeking mobilisation of the rigs within 80 days, which highlights its urgency to scale up deep-water activity,” the official added, signalling an aggressive push to expand offshore drilling capacity.

Apart from working on the KG Basin block off the east coast, the state-run explorer has also resumed ultra-deep-water drilling operations in the Andamans. The report added that the Andaman explorations are also pursuing deep-water collaborations with global energy companies including BP, ExxonMobil, TotalEnergies, and Petrobras as part of a strategic initiative to curb risks associated with exploration in high-cost frontier regions that require advanced technology and capital investment.

The tender was floated in February and seeks bids from experienced offshore drilling contractors under an international competitive bidding process, indicating strong participation from global players specialising in deep-water exploration projects.

Samudra Manthan Mission

The Samudra Manthan mission was announced by Prime Minister Narendra Modi in 2025 as India’s National Deep Water Exploration Mission. The initiative aims to pioneer deep-sea exploration, secure energy resources, and strengthen the country’s blue economy. It primarily focuses on exploring oil and gas reserves, understanding marine biodiversity, and harnessing offshore mineral resources.

By 2035, the mission aims to increase hydrocarbon reserve accretion from 1.6 to 2 billion tonnes of oil equivalent (BTOE), with a longer-term target of reaching 5 BTOE by 2047, as per reports.