New Delhi: Oil and Natural Gas Corporation (ONGC) is organising a roadshow in Abu Dhabi on October 16 and October 17, to invite global oil and gas companies for collaboration opportunities in offshore oil and gas projects. According to an offcial statement, this roadshow will offer valuable insights into business opportunities within India's offshore oil and gas infrastructure sector. The Roadshow is taking place in Hotel Le Royal Meridien (Abu Dhabi).
In pursuit of strategic growth aligned with the evolving energy landscape, ONGC has meticulously designed an ambitious roadmap, the Energy Strategy 2040. This comprehensive plan reflects its resolute commitment to double oil and gas production, expand refining capacity, diversify into renewable energy, and bolster our non-oil and gas ventures.
To achieve substantial growth and diversify its energy portfolio, ONGC prioritizes the early monetization of discoveries through accelerated project execution. It is also making significant investments in deepwater exploration, improved oil recovery (IOR), and enhanced oil recovery (EOR) projects, maximizing production efficiency and tapping untapped reserves.
Aligned with its growth plans, ONGC is embarking on an expedited development of multiple offshore fields over the next three years. Its objective is to establish more than 25 offshore facilities, lay over 1000 kilometers of subsea pipelines, and create associated infrastructure, requiring an investment of $ 11 billion.
As a trailblazer in India's energy sector since 1956, ONGC remains dedicated to providing dependable and sustainable energy solutions. Recognizing the vital role hydrocarbons will play in India's energy security and economic growth, we are committed to supporting the nation's evolving energy needs as it strives to double energy demand by 2050, in harmony with the growth of renewable energy sources.
Disclaimer: This story is a press release and is being published without any editing, except the headline, by the PSU Watch desk.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)