ONGC Share Price in Focus; Plans to Invest ₹1 Lakh Crore for Deepwater Exploration with 87 Wells Over 5 Years

Oil and Natural Gas Corp (ONGC) has outlined plans for a ₹1 lakh crore investment over 5 years for deepwater exploration, targeting the drilling of 87 wells under India's Samudra Manthan programme, as per the news report. 

Investment Details and Drilling Plans 

The initiative is part of a broader effort by ONGC to expand its deepwater exploration activities.  

Over the next 5 years, the company intends to drill 87 deepwater wells, aligning with the Indian government’s Samudra Manthan programme, which was allocated ₹84,084 crore by the Union Cabinet in July 2026.  

This programme includes high-quality seismic data acquisition and advanced drilling techniques in frontier basins. 

Infrastructure and Strategic Reserves 

ONGC will establish a 1.75 million tonnes strategic crude oil reserve in Mangalore amid rising geopolitical tensions affecting energy supplies. Business models for its construction are being finalised with expectations to commence soon. 

International Trading Platform Setup 

By the end of fiscal year 2026-27, ONGC plans to set up an international crude and products trading platform, considering Dubai and Singapore as potential bases.  

The company has achieved 95% completion in setting up the trading desk, awaiting final approvals. 

Budget Allocation 

For the financial year 2026-27, ONGC set a capital expenditure target of ₹30,000 crore. This includes ₹9,055 crore for development drilling and ₹6,095 crore for exploratory drilling, reflecting a refined focus on resource development. 

Read More: Transformers and Rectifiers India Share Price in Focus; Gets Large Order from MEIL! 

Oil and Natural Gas Corporation Share Price Performance 

As of September 01, 2026, at 12:00 PM, Oil and Natural Gas Corporation share price on NSE was trading at ₹235.13, up by 1.44% from the previous closing price. 

Conclusion 

ONGC's commitment to deepwater exploration involves a ₹1 lakh crore investment to drill 87 wells over 5 years, alongside building a 1.75 MT strategic reserve and launching an international trading platform, outlining its resource and infrastructure development strategy. 

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