“India’s ONGC plans to invest between $18 and $20 billion on new oil and gas drilling to strengthen the country’s energy security, the Economic Times has reported, citing unnamed sources.”
“The money will be used to hire drilling rigs for what is seen as the biggest drilling campaign ever, the report noted, adding that the tender for the rigs was announced last month. One of the sources, an industry executive, said ONGC was looking to contract drillships and submersible rigs for up to five years.”
“The Indian government has put concerted effort into boosting domestic oil and gas production to reduce the country’s overwhelming dependence on imported hydrocarbons, which for oil comes in at over 80%. For natural gas, import dependence is around 50% of consumption.”
See also: India Snaps Up 60 Million Barrels of Russian Crude for April Delivery
“The cargoes were snapped at premiums of between $5 and $15 per barrel, the sources noted, suggesting the thirst for Russian oil in the world’s third-largest importer remains strong despite the swing from heavy discounts to a premium to the global benchmark.”