New Delhi: Oil and Natural Gas Corporation (ONGC) is organising a roadshow in Singapore on October 19 and 20 to invite global oil and gas companies for collaboration opportunities in offshore oil and gas projects. The roadshow will offer valuable insights into business opportunities within India's offshore oil and gas infrastructure sector. The roadshow is taking place in Hotel Pan Pacific, 7 Raffles Boulevard, Singapore, said an official statement on Wednesday.
"In pursuit of strategic growth aligned with the evolving energy landscape, ONGC has meticulously designed an ambitious roadmap, the Energy Strategy 2040. This comprehensive plan reflects its resolute commitment to double oil and gas production, expand refining capacity, diversify into renewable energy, and bolster our non-oil and gas ventures," said the statement.
To achieve growth and to diversify its energy portfolio, ONGC is prioritising the early monetisation of discoveries through accelerated project execution. It is also making significant investments in deepwater exploration, Improved Oil Recovery (IOR), and Enhanced Oil Recovery (EOR) projects for maximising production efficiency and tapping untapped reserves.
Aligned with its growth plans, ONGC is embarking on an expedited development of multiple offshore fields over the next three years. Its objective is to establish more than 25 offshore facilities, lay down over 1,000 kilometers of subsea pipelines, and create associated infrastructure, requiring an investment of $11 billion.
"As a trailblazer in India's energy sector since 1956, ONGC remains dedicated to providing dependable and sustainable energy solutions. Recognising the vital role hydrocarbons will play in India's energy security and economic growth, ONGC looks forward to have a mutually beneficial relationship and long lasting partnership with its business partners," said the statement.