ONGC Aims for ₹30,000 Crore Capital Expenditure Amidst Focus on Mature Fields
India's largest oil and gas producer, Oil and Natural Gas Corporation (ONGC), plans to spend over ₹30,000 crore on capital expenditure this year. The state-owned company aims to boost production and expand its operations across the energy value chain.
The focus is on four key areas: exploration, improving output from existing fields, building an integrated energy business, and investing in green and new-energy opportunities. A significant part of this strategy involves extracting more oil and gas from mature offshore fields, where BP has been brought in as a technical service provider to help improve production.
The partnership with BP is already yielding results at Mumbai High, where the redevelopment programme is expected to deliver 44% more crude oil and 89% more natural gas compared to baseline production forecasts. The initiative will also increase crude production by 11% and natural-gas production by 32% over the baseline when applied to other fields.
ONGC's international arm, ONGC Videsh, currently has 29 projects across 14 countries and is expecting gas production from its Mozambique interests to begin in 2028. The company also plans to establish a trading joint venture and set up a strategic reserve in the Mangalore Special Economic Zone.