ONGC targets 25 offshore blocks with global firms
OIL & GAS

ONGC targets 25 offshore blocks with global firms

The Oil and Natural Gas Corporation (ONGC) hosted a roadshow on October 16-17, 2023 at Hotel Le Royal Meridien in Abu Dhabi. The purpose of the event was to attract global oil and gas firms for collaboration opportunities in offshore oil and gas projects in India.

During the roadshow, insights into business opportunities within India's offshore oil and gas infrastructure sector were provided. ONGC emphasised their ambitious Energy Strategy 2040 in light of the changing energy landscape. They expressed their commitment to doubling oil and gas production, expanding refining capacity, diversifying into renewable energy, and strengthening non-oil and gas ventures.

To achieve their growth and diversification objectives, ONGC was focusing on the early monetization of discoveries through fast-tracked project execution. They were investing in Deepwater exploration, Improved Oil Recovery (IOR), and Enhanced Oil Recovery (EOR) projects to maximize production efficiency and access previously untapped reserves.

In the next three years, ONGC planned to swiftly develop multiple offshore fields. Their strategy involved establishing over 25 offshore facilities, laying more than 1000 kilometers of subsea pipelines, and developing associated infrastructure, with an investment forecast of $11 billion.

ONGC, founded in 1956, had been instrumental in India's energy sector. The company stressed the significance of hydrocarbons for India's energy security and economic growth. They pledged to support the nation's growing energy demands, which were projected to double by 2050, aligning with the growth of renewable energy sources.

The Oil and Natural Gas Corporation (ONGC) hosted a roadshow on October 16-17, 2023 at Hotel Le Royal Meridien in Abu Dhabi. The purpose of the event was to attract global oil and gas firms for collaboration opportunities in offshore oil and gas projects in India. During the roadshow, insights into business opportunities within India's offshore oil and gas infrastructure sector were provided. ONGC emphasised their ambitious Energy Strategy 2040 in light of the changing energy landscape. They expressed their commitment to doubling oil and gas production, expanding refining capacity, diversifying into renewable energy, and strengthening non-oil and gas ventures. To achieve their growth and diversification objectives, ONGC was focusing on the early monetization of discoveries through fast-tracked project execution. They were investing in Deepwater exploration, Improved Oil Recovery (IOR), and Enhanced Oil Recovery (EOR) projects to maximize production efficiency and access previously untapped reserves. In the next three years, ONGC planned to swiftly develop multiple offshore fields. Their strategy involved establishing over 25 offshore facilities, laying more than 1000 kilometers of subsea pipelines, and developing associated infrastructure, with an investment forecast of $11 billion. ONGC, founded in 1956, had been instrumental in India's energy sector. The company stressed the significance of hydrocarbons for India's energy security and economic growth. They pledged to support the nation's growing energy demands, which were projected to double by 2050, aligning with the growth of renewable energy sources.

Next Story
Resources

Security solutions: Godrej aims for 50 percent revenue surge

The Security Solutions business of Godrej & Boyce, part of Godrej Enterprises Group, has set an ambitious goal of achieving a 50 percent growth in revenue by FY27, targeting a top-line of Rs 15 billion. This marks a significant leap from the Rs 10 billion revenue recorded in FY24, driven by a sharpened focus on expanding exports to the Americas and Europe, alongside leveraging domestic regulatory changes.The company’s exports currently contribute around 10 percent of the division’s revenue with significant potential for growth. By FY27, exports are projected to account for 14-15 percen..

Next Story
Resources

India's luxury housing market soars: CREDAI-MCHI

CREDAI-MCHI, the apex body of real estate developers, has unveiled its latest research analysis, spotlighting a transformative shift in India's urban housing markets towards luxury and premium properties. The study reveals significant growth in average ticket sizes and total sales values across India’s top seven metropolitan cities during H1 FY2025 (April-September 2024).  The data highlights a remarkable 18 percent increase in total sales value, which surged to Rs 2,793 billion, compared to Rs 2,358 billion in the same period of FY2024. Despite a modest 3 percent decline in total units..

Next Story
Equipment

Our commitment to excellence drives our success: Gmmco

In India's dynamic industrial landscape, Gmmco, a comprehensive solutions provider across the construction, resources and energy transportation industries, stands as a testament to innovation. As a powerhouse of the CK Birla Group with a legacy spanning over five decades, it has evolved from a traditional equipment supplier to a full-spectrum solutions provider. Its distinctive approach includes rental solutions, used equipment options, financing support, rebuilt options and tailored product support solutions, setting new benchmarks in customer service. Under the visionary leadership of C..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000