ONGC considers partnering for drillship Samudra Manthan plan

is seeking to acquire or form a joint venture for deepwater drillships to support accelerated offshore exploration under Mission Samudra Manthan, a scheme with a ₹84,084 crore outlay through 2030-31. ONGC has invited a global consultant to identify potential partners, assess assets, and assist in negotiations, aiming to secure dedicated drillship capacity and reduce reliance on foreign rigs. Citing attractive valuations, a strong 1-year forward dividend yield of 6.9%,Firm crude price outlook supported by upgraded global forecasts, and OVL’s recent turnaround. Projected overall volume growth is 1% (oil -0.3%, gas +2.1%). The target price is set at INR 290, valuing core and investment assets conservatively.