ONGC Explores Deepwater Drillship Acquisition or JV for Offshore Exploration Under Mission Samudra Manthan
Oil and Natural Gas Corporation (ONGC) is exploring the acquisition of deepwater drillships or the formation of a joint venture to secure dedicated drilling capacity, as part of its stepped-up offshore exploration under the Mission Samudra Manthan programme. ONGC has issued an Expression of Interest (EOI) to appoint a specialist global offshore rig-broking consultant.
The consultant will help ONGC identify potential drillship owners and counterparties, evaluate assets and valuations, and support negotiations toward a possible ownership or joint-venture arrangement. Through the initiative, ONGC aims to establish dedicated, priority-access deepwater drilling capacity for its offshore exploration programme, reducing dependence on third-party rig availability. The EOI does not specify the number, type or acquisition cost of drillships that ONGC may ultimately pursue.
The initiative follows the Union Cabinet's approval of Samudra Manthan, the National Offshore Exploration Scheme, with an outlay of ₹84,084 crore through 2030-31. The central-sector scheme is designed to accelerate exploration of India's offshore oil and gas resources, particularly in deepwater and ultra-deepwater areas, and to increase domestic hydrocarbon production. Under the scheme, the government will provide financial support of up to 50% of the cost of deepwater exploration wells, subject to a maximum of ₹675 crore per well.
India currently lacks the manufacturing capability to build deepwater drillships, leaving oil and gas explorers largely dependent on foreign-owned rigs secured through time-charter arrangements. Limited rig availability and global competition for deepwater assets can affect drilling schedules and project economics. ONGC's proposed ownership or joint-venture strategy is intended to give it greater control over specialised drilling capacity and improve operational flexibility for long-term offshore exploration programmes.