ONGC Spuds Deepwater Exploratory Well in Mahanadi Basin to Unlock India's Hydrocarbon Potential
Oil & Natural Gas Corporation Limited (ONGC) has commenced drilling its exploratory deepwater well, MN-DW18-1-H-D, in the Mahanadi Offshore Basin. The spudding ceremony took place on 25 July 2026, and the initiative represents a significant step toward unlocking India's vast deepwater hydrocarbon potential.The commencement of this operation is a major milestone under the Government of India's Samudra Manthan Campaign. The well was drilled in the Mahanadi Offshore Basin as part of an ambitious program designed to explore India's deep and ultra-deepwater energy resources.
ONGC has strengthened its offshore operations in the Mahanadi and Andaman basins. This effort is aligned with a national vision following Prime Minister Shri Narendra Modi's call during his Independence Day address on 15 August 2025, urging the harnessing of India's untapped offshore oil and gas potential. In response to this vision, the government has opened nearly one million square kilometres of previously restricted offshore areas for new exploration opportunities through forthcoming OALP rounds.
India's eastern and western offshore basins, which extend to water depths of up to 3,000 metres, are estimated to contain over 5,600 MMTOE of hydrocarbon potential. Recent successes in the Cauchy, Mahanadi, and Andaman basins have reinforced the promise of India’s offshore frontier.
To advance this national mission, ONGC established its Deepwater Exploration Mission Centre (DeepX) in Mumbai on 5 January 2026. This center integrates ONGC's geoscientific expertise, advanced interpretation capabilities, specialized training, and strategic global collaborations under the 'One Company, One Data' philosophy.
Building upon previous successes, such as discoveries in the Utkal and Konark regions, the MN-DW18-1-H-D well is being drilled approximately 23 nautical miles from Konark, off the Odisha coast. The initiation of this drilling campaign signifies one of India’s most challenging deepwater explorations. Every discovery made during these evaluations contributes to enhancing domestic production, strengthening India's energy security, and reducing import dependence.
ONGC Stock Price Movement
Shares of Oil & Natural Gas Corporation Limited slipped on Friday, closing at ₹248.76 after shedding 1.37% from the previous close. The stock saw robust activity during the session, with over 7.65 million shares trading as the equity moved within a range that included a high of ₹253.56.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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