MUMBAI — In a historic move to bolster energy self-reliance, Oil and Natural Gas Corporation (ONGC) has launched a global tender valued at $18–20 billion for deepwater drilling rigs. This represents the largest offshore exploration program in India's history.

The initiative targets untapped ultra-deepwater resources in the Andaman, Mahanadi, and Krishna-Godavari basins. By deploying advanced drillships and semi-submersible rigs capable of operating at depths exceeding 3,000 meters, ONGC aims to significantly reduce India's 88% dependence on crude oil imports.

Tender Highlights

• Investment: Estimated at ₹1.5–1.7 lakh crore.
• Scope: Hiring of five specialized rigs for a 4-year firm period.
• Strategy: Part of the government’s ‘Samudra Manthan’ offshore exploration drive.
• Timeline: Pre-bid meetings concluded in Mumbai; final bids are expected by April 2026.