India’s state-controlled Oil & Natural Gas Corporation (ONGC) has initiated the chase for chartering at least 17 specialised offshore vessels to support its upstream operations.

ONGC has highlighted its intent to spend about $3.6 billion in the 2023-2024 financial year, mostly on offshore exploration and development projects.

India imports more than 85% of its oil demand and the government is aiming to reduce by 10% its dependence on imports by 10% through greater domestic exploration and production efforts, which mandates a higher requirement for offshore vessels.