India’s energy giant Oil and Natural Gas Corp (ONGC) is planning to invest $3.5bn in the next three to four years to increase oil and gas production from western offshore assets.

ONGC offshore assets head Pankaj Kumar was cited by Reuters as saying at the India Energy Week event in Bengaluru that these assets currently have a production capacity of 41.5 million standard cubic metres per day (Mmscmd) of gas and approximately 260,000 barrels per day (bpd) of oil.

The company is in discussions with oil majors including Equinor, ExxonMobil, and Chevron to develop its offshore oil and gas blocks.

Kumar added: “We are open to any kind of partnership under the production sharing contract, be it participating interest or a revenue sharing.”

Furthermore, ONGC is planning to commission its ultra-deepwater block in the eastern offshore Krishna-Godavari basin KG 98/2 in May 2023.

Initial production from the block is expected to be between 10,000bpd and 12,000bpd. The block would reach a peak production capacity of 45,000bpd in two to three months.

By May 2024, the Indian company plans to increase its gas production to 10Mmscmd, from the current 1.7Mmscmd from the KG basin.

In a separate announcement, ONGC is considering investing in gas assets in Argentina, reported Reuters, citing the firm chairman and CEO Arun Kumar Singh.

The Indian firm also signed a memorandum of understanding (MoU) with Argentina’s YPF for hydrocarbon cooperation.

ONGC chairman said: “This is an enabling MoU. They have gas [assets] so we will explore investing there.”