ONGC plans to spend Rs. 14,000 crore on exploration, seeks partners to develop its deepwater assets.

State-run Oil and Natural Gas Corporation (ONGC) plans to spend about Rs. 14,000 crore on exploration this fiscal and is seeking partnerships to develop its deepwater assets at a time when low oil prices have made technology and talent cheaper, its new exploration chief said.

'We are trying to cover all the acreage we have through new 3D seismic data,' said Ajay Kumar Dwivedi, director (exploration). An exploration technique called 3D seismic uses sound waves to form sharp three-dimensional images of underground reserves, facilitating the location of oil and gas deposits. The spending will also go to other exploration activities, including drilling of wells.

ONGC is exploring the possibility of technology partnerships with firms that have competence in deepwater exploration. Dwivedi didn't specify if a possible technology partnership could also expand to an equity partnership.


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