Well completion often costs more than drilling in deepwater: ONGC Chairman

New Delhi: Drilling accounts for only part of the investment in deepwater exploration, Oil and Natural Gas Corporation (ONGC) Chairman Arun Kumar Singh said at the 29th Energy Technology & Innovation Meet (ETM 2026) in Goa. Well completion often involves even greater costs, he said, according to a post by ONGC on X on Wednesday.

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Singh made the point at a plenary session titled "Samudra Manthan Mission: Strategy, Policy and Enabling Framework." According to ONGC, he spoke about both the potential and the complex economics of deepwater exploration. Unlocking India's offshore hydrocarbon resources would need progressive exploration policies, commercial viability and a collaborative approach, he said.

Common infrastructure for the upstream industry

Singh also pointed to opportunities under the Open Acreage Licensing Policy (OALP), under which companies bid for exploration blocks. He called for common infrastructure hubs for the upstream industry. Such hubs would allow resources to be optimised and capabilities to be shared, ONGC said. They would also make field development more efficient.

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The company described Samudra Manthan as a strategic opportunity for ONGC. In its post, it said the mission would help advance deepwater exploration, strengthen industry collaboration and move India towards energy self-reliance.

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