ONGC targets ₹9,300cr savings by FY27 end
ONGC, India's big state-run oil company, is aiming to save ₹9,300 crore by the end of FY27.
With global crude prices hovering around $60 a barrel, they're looking to cut operational and capital expenditure by 15%.
This savings goal makes up a sizable chunk—about 15%—of their planned spending through 2027.
A dedicated team is steering these cost-cutting moves.
More than 20 changes in offshore operations
ONGC is rolling out more than 20 changes: making offshore work more efficient, improving drilling methods, and trimming logistics and inventory costs.
They're moving offshore operations to Gujarat's Pipavav port—steps expected to save over ₹1,000 crore alone.
ONGC and BP's plan for Mumbai High field
Teaming up with BP, ONGC plans to boost Mumbai High field's oil output by 44% and gas by 89% over the next decade. This could bring in an extra $15 billion in revenue.
The plan involves splitting the field into six hubs and drilling about 100 new wells by FY29—a major push for more energy ahead.