Oil and Natural Gas Corporation (ONGC) is in advanced discussions with several foreign partners for a joint bid in the tenth round of the Open Acreage Licensing Policy (OALP).

Arunangshu Sarkar, Director (Strategy & Corporate Affairs) at ONGC, shared the update at the India Energy Week in Goa. He emphasised that partnering with foreign firms is essential for exploring deepwater and ultradeep waters, which are capital-intensive and complex. He explained, “One deepwater well entails costs of approximately Rs 1,000 crore. With a partner, it helps to distribute the associated risk, especially amidst the lower oil price regime along with the advancement of deep-water technology.” 

In the current global, international oil companies are increasingly moving away from exploration due to the high costs involved, focusing more on trading and downstream activities. Despite the challenges, ONGC continues its efforts to secure a partner for exploration projects, with previous rounds of OALP seeing bids alongside foreign companies like BP.