India’s critical mineral exploration accelerates, yet the primary challenge lies in advancing beyond raw extraction to command refining infrastructure and the broader value chain.
At ONGC’s August 2026 AGM, Chairman A.K. Singh said the company will invest about ₹1 lakh crore in cash over five years to drill 87 deepwater wells by March 2031, roughly ₹20,000 crore a year. They’ll start slow with just four wells in FY26, but plan to crank it up to 27 in the final year. Singh didn’t mince words about why they’re in such a mad dash, either: India’s crude output has been sliding downhill for eleven straight years.
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