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ONGC has decided to take help from big global oil companies to get more oil out of its old offshore oil fields on India’s west coast.
The why: the state-run energy giant has floated a tender to form technical support partnerships for its western offshore blocks, excluding Mumbai High, as oil production from these fields has remained flat for years.
In simple terms, ONGC owns these oil fields but wants experienced global players to step in and show how more oil can be extracted from them using better technology and global best practices.
This is not a sale of assets. ONGC will remain in full control, while its partners will only provide technical support and expertise.
Breaking it down: this idea isn’t new for ONGC. The company already runs a similar partnership with BP at the Mumbai High oil field. That collaboration helped slow the decline in output from one of India’s most important oil-producing regions. Encouraged by those results, ONGC now wants to replicate the same model across other offshore blocks that are showing signs of ageing.
The deals: some of the world’s biggest energy companies have shown interest, including Shell, ExxonMobil, Chevron, and TotalEnergies. These companies specialise in operating mature and complex oil fields, which makes them a good fit for ONGC’s current challenge.
The larger problem ONGC is trying to fix is simple: most of its easy oil is already out, and without advanced recovery techniques, production will continue to fall.
Alongside this, ONGC also made long-term moves to secure energy supply chains at India Energy Week 2026. The company signed two joint ventures with Japan’s Mitsui O.S.K. Lines and entered a 15-year agreement to build two very large ethane carriers.
These ships will transport liquefied ethane from the US to India starting around 2028, supporting India’s growing petrochemical demand.
Zoom out: Ethane is a critical raw material for making plastics and industrial chemicals, and securing long-term shipping capacity helps India reduce supply risks and price volatility. This move shows ONGC is thinking beyond just drilling oil and is focusing on the entire energy value chain, from production to transport.
This strategy reflects a larger shift in how ONGC is operating. Instead of pouring massive capital into ageing fields with uncertain returns, the company is choosing to share risk and bring in global expertise. It is a more disciplined, asset-light approach aimed at protecting production levels rather than chasing aggressive growth.
