India's ONGC Boosts Offshore Investments as Outlook Brightens

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Researched by Industrial Info Resources (Sugar Land, Texas)--Oil & Natural Gas Corporation Limited (ONGC) (New Delhi) appears to be well positioned for 11% and 25% growth in crude oil and natural gas production, respectively, by 2025. The Indian oil and gas major is targeting offshore asset development to reverse years of declining oil and gas output.

ONGC's outlook is supported by multiple existing asset upgrades, combined with new major assets to be commissioned by the end of the year.

ONGC has launched multiple tenders in recent years for offshore field redevelopment, modifications in existing facilities, and pipeline replacements across multiple assets, including Mumbai High PRP 7, Daman Field Development, BBBLRP IV, Mumbai High Redevelopment Phase V and KG Field Development. The project will be carried out in fields across India's western and eastern coasts.

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