National Deepwater Exploration Mission: India To Soon Launch First Bidding Round For Oil And Gas Blocks

The government will soon launch the first bidding round for oil and gas blocks under the National Deepwater Exploration Mission, aimed at raising domestic hydrocarbon output and reducing costly fuel imports, state-run explorer ONGC said on Friday (29 August), Business Standard reported.

“Anchored on the 2025 Act’s uniform, investor-friendly licence, the first deepwater bid round is expected soon,” the company said after its annual general meeting.

It added that the “Samudra Manthan” initiative will cover more than a million square kilometres across the Andaman Nicobar, and the ultra-deep KG and Cauvery basins.

ONGC said the mission’s broader goal is to double hydrocarbon reserves by 2032 and triple national output by 2047, reducing India’s 88 per cent import dependence for crude oil.

The initiative was announced by Prime Minister Narendra Modi during his Independence Day speech on 15 August.

ONGC Chairman and CEO Arun Kumar Singh said the company will continue purchasing Russian crude oil for its refineries if it remains commercially viable.

“As of now, there is no bar on buying Russian crude. So, if it is commercially viable and prices are attractive, we will keep buying every drop available in the market,” he said.

The company also said it had checked the decline in crude oil production in FY25 and expects to soon arrest the decline in natural gas output.

Singh attributed the rise in crude oil production to monetisation of the KG 98/2 project.

For FY26, ONGC plans to invest Rs 34,900 crore, including Rs 10,794 crore in development drilling and Rs 7,249 crore in exploratory drilling.

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