India Targets Import Cuts With Historic Oil and Gas Drilling Campaign

India’s ONGC plans to invest between $18 and $20 billion on new oil and gas drilling to strengthen the country’s energy security, the Economic Times has reported, citing unnamed sources. The money will be used to hire drilling rigs for what is seen as the biggest drilling campaign ever, the report noted, adding that the tender for the rigs was announced last month. One of the sources, an industry executive, said ONGC was looking to contract drillships and submersible rigs for up to five years. The Indian government has put concerted…