India’s Oil Hunt Gains Momentum: ONGC Logs Highest Well Count Since 1989

Last month, ONGC said it has made new oil and gas discoveries in the Mumbai Offshore hydrocarbon basin that are expected to enhance the production of the upstream oil giant in the near future.

Currently, around 85 per cent of the country’s oil requirement is met through imports, positioning the country as the world’s third-largest oil importer.

Source : PTI

Government-run Oil and Natural Gas Corporation (ONGC) has dug 578 wells in the year 2024-25, which is the highest in 35 years, Union Petroleum Minister Hardeep Singh Puri said on Saturday.

According to the minister, the bold decision taken by Prime Minister Narendra Modi on the 'No Go' area is giving new impetus to India's journey towards energy self-reliance.

“Giving new strength and direction to the exploration of oil and natural gas in India under the leadership of PM Modi, ONGC has dug 578 wells in the year 2024-25, which is the highest in 35 years,” Puri posted on X social media platform.

“Just like a strong foundation is required to build a building, similarly, to make India self-reliant in the field of energy, it is necessary to strengthen the exploration and production sector,” the Union Minister added.

Last month, ONGC said it has made new oil and gas discoveries in the Mumbai Offshore hydrocarbon basin that are expected to enhance the production of the upstream oil giant in the near future.

The discoveries, which have been named 'Suryamani' and 'Vajramani', have been struck in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the ONGC said in a statement issued as part of its January-March quarterly financial results.

Apart from Mumbai offshore, ONGC made another hydrocarbon discovery in the KG basin land block during the January-March quarter. The discoveries have provided hope at a time when India’s imports of oil and gas have been steadily increasing due to ONGC’s ageing oil and gas fields.

Currently, around 85 per cent of the country’s oil requirement is met through imports, positioning the country as the world’s third-largest oil importer. India’s domestic oil and gas production is centred in Assam, Gujarat, Rajasthan, Mumbai High and the Krishna Godavari Basin.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)