ONGC Share Price in Focus; Explores Deepwater Drillship Acquisition Under Mission Samudra Manthan

To take the idea forward, ONGC has invited a specialist global offshore rig-broking consultant to help identify suitable drillship owners, assess assets and valuations, and support possible negotiations. The plan is aimed at securing dedicated, priority-access drilling capacity. 

ONGC Looks Beyond Time-Chartered Rigs 

Deepwater exploration needs specialised drillships, but India currently does not have the capability to manufacture them. ONGC and other explorers therefore largely depend on foreign-owned rigs through time-charter arrangements. 

The proposed consultant will look at drillships and contractors capable of working in water depths of 1,500 metres or more. The adviser will also compare global day rates and recent drillship transactions before ONGC decides whether to proceed with an acquisition or JV. 

Mission Samudra Manthan Gets Underway 

The Union Cabinet has approved the National Offshore Exploration Scheme with an outlay of ₹84,084 crore through 2030-31. The programme is focused on expanding exploration in deepwater and ultra-deepwater areas. 

It provides financial support of up to 50% of the cost of deepwater exploration wells, subject to a ceiling of ₹675 crore per well. The programme also envisages 60 deepwater exploration wells, seismic surveys and common offshore infrastructure. 

Acquisition Plan Still Taking Shape 

ONGC's proposed assignment will begin with a three-month exercise to identify and shortlist potential counterparties. A second phase, lasting up to six months, could cover negotiations, financing and transaction closure. 

The company is also examining a GIFT City SPV and an equity-debt funding structure, including external commercial borrowing. However, ONGC has not yet specified how many drillships it may eventually seek or what they could cost. 

Read More: HDFC Bank MD & CEO Sashidhar Jagdishan to Retire on October 26, 2026! 

ONGC Share Price Performance  

As of 31 August 2026, at 12:05 PM, Oil and Natural Gas Corporation Ltd share price is trading at ₹233.22 per share, reflecting a surge of 0.42% from the previous trading session. 

Conclusion 

The proposed move would give ONGC greater control over deepwater drilling capacity as it expands offshore exploration. The eventual route, acquisition or JV, will depend on the evaluation and negotiations. 

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