ONGC to boost exploration with $4 bln investment over 3 years

India's state-owned Oil and Natural Gas Corp will invest 310 billion rupees ($4 billion) in the fiscal years 2022-2025, a growth of 50% over the last three year period, to intensify its exploration efforts, it said in a stock exchange filing. India, the world's third biggest oil importer and consumer, ships in over 80% of its oil needs.

Asia's third largest economy wants to monetise its oil and gas resources to cut its import bill. "ONGC also plans to leverage international collaborations with reputed global majors for this, for which talks are in an advanced stage," it said.

The country's top explorer said it would invest funds for acquiring seismic survey and drilling of 115-120 wells every year to "probe around 1700 million tonnes of oil and oil equivalent gas of yet to find reserves". ONGC is also offering a stake to global oil companies to help develop its challenging fields off the country's east coast.