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ONGC oil and gas exploration summary

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30 September 2019

ONGC oil and gas exploration summary

Report summary

ONGC has bucked the industry trend of reduced investment as oil prices collapsed, choosing instead to pursue growth. The domestic profile has been upheld by continued Enhanced Oil Recovery investment, deepwater gas developments and acquisitions. It is important for ONGC to maintain a balanced strategy of resource replacement, and this includes exploration and appraisal. But in common with most of the upstream sector, ONGC has struggled to create positive value from its exploration effort. ONGC had hopes pinned on the emerging Indian deepwater sector, where focus was on the Krishna - Godavari Basin. However, success here has been mixed and we expect an increasing focus on onshore and shallow water prospects. Internationally, ONGC is also looking to de-prioritise deepwater exploration due to the high associated costs and challenges. Instead, its focus will be fast-tracking lower-cost onshore and shelf exploration in Vietnam, Bangladesh, Myanmar and Colombia.

Table of contents

  • Upstream strategy
    • SWOT Grid
  • Evolution of exploration strategy
    • Deepwater India's diminishing importance
    • Sudan drives development value
    • International exploration has disappointed

Tables and charts

This report includes 18 images and tables including:

  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross conventional exploration & appraisal by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2008 to 2017)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries, organic unconventionals and as a proportion of all future production
  • Full-cycle economics
  • Full cycle value creation by year
  • Costs and development value by resource category

What's included

This report contains:

  • Document

    ONGC oil & gas summary.xls

    XLS 642.00 KB

  • Document

    ONGC oil and gas exploration summary

    PDF 950.67 KB

  • Document

    ONGC oil and gas exploration summary

    ZIP 1.07 MB

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