State-run oil explorer Oil and Natural Gas Corporation Ltd (ONGC) on Monday (October 13) said it expects oil prices to remain between $60 and $65 per barrel over the next three years and does not foresee prices falling below $60/bbl in the near term.

ONGC Director (Production) Pankaj Kumar noted that while this price range is lower than past levels, it is not unprecedented. “We have seen even lower prices in 2015 –16 and post-COVID. That’s the precise reason we started working on optimisation and efficiency — cost cutting without impacting operations,” he said.

As part of these efforts, ONGC is enhancing rig utilisation and shifting operations to its shore base at Pipavav, which will serve nearly 50% of the company’s western offshore operations. “Quite a bit of operations

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