ONGC-IOC Form ₹18,000 Crore Joint Venture for Deepwater Exploration Operations
National consortium secures offshore exploratory rights in Krishna-Godavari and Mahanadi offshore basins.
Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC) announced an ₹18,000 crore joint venture to develop deepwater oil and natural gas fields along the eastern continental shelf.
The consortium will deploy state-of-the-art subsea extraction infrastructure in the Krishna-Godavari (KG) and Mahanadi deepwater blocks, aiming to unlock over 45 million metric standard cubic meters per day of clean natural gas.
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The initiative will significantly reduce domestic reliance on imported liquefied natural gas (LNG) while strengthening national energy sovereignty.
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