ONGC mulls deepsea thrust

India’s top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaboration with experts to reverse years of decline in output, its new chairman Arun Kumar Singh said.

Oil and Natural Gas Corporation (ONGC) is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring in experts who can help raise productivity from ageing and mature fields such as prime Mumbai High, Singh said.

ONGC, which contributes around 71 per cent to India’s domestic production, has reported a gradual decline in output for over a decade now primarily because its fields are old and ageing.