Oil & Natural Gas Corp. (ONGC) announced plans to invest approximately ₹1 trillion in deepwater exploration by fiscal year 2031, aiming to enhance domestic energy production and reduce dependence on imported crude, according to livemint.com. The announcement was made by ONGC chairman and CEO Arun Kumar Singh during the company’s annual general meeting on August 31, 2026.
The investment strategy involves deploying capital over the next five years to explore and develop deepwater oil and gas reserves. Singh highlighted that this move aligns with India’s broader energy security goals. Additionally, ONGC is expanding its global footprint by launching an offshore oil and petroleum trading venture in Dubai or Singapore by late 2026, further diversifying its operations and market reach, livemint.com reported.
This investment marks a significant step in India’s efforts to boost domestic energy output amid rising global crude prices and supply uncertainties. ONGC’s deepwater exploration push follows a trend among national oil companies focusing on offshore resources to meet growing energy demands. The scale of the ₹1 trillion commitment places ONGC among the major investors in the Indian oil and gas sector, comparable to previous large-scale projects aimed at enhancing self-reliance in energy.
ONGC’s planned offshore trading venture is expected to commence operations by the end of 2026, positioning the company strategically in key global petroleum markets. The ₹1 trillion deepwater investment will be phased through FY31, with progress updates likely at subsequent annual general meetings and regulatory filings, according to livemint.com.