Oil and Natural Gas Corporation Limited (ONGC) stands as a cornerstone in India’s energy sector, driving innovation in oil and natural gas exploration while advancing sustainable energy practices. As a leading player in upstream activities, ONGC focuses on discovering and producing hydrocarbons to ensure energy security for millions. With a commitment to operational excellence, ONGC integrates advanced technology in drilling services and reservoir management, positioning itself as a key contributor to India’s self-reliant energy landscape. From deepwater exploration in Mumbai Offshore to renewable energy ventures, ONGC embodies resilience and forward-thinking strategies in the global energy market.
Company History
Oil and Natural Gas Corporation Limited has a rich legacy in the energy domain, evolving into a global leader in integrated energy business. Established under the Companies Act with a focus on oil and natural gas exploration, ONGC began its journey as a government-owned entity tasked with securing India’s energy needs. Over the decades, ONGC has expanded from domestic onshore and offshore operations to international ventures, adapting to changing energy dynamics.
In its early years, ONGC concentrated on exploring sedimentary basins across India, making significant discoveries in Mumbai Offshore, Cambay, and Krishna-Godavari basins. The company’s growth accelerated with the acquisition of exploration licenses and the development of key fields like Mumbai High, which became India’s largest offshore oil field. ONGC played a pivotal role in reducing the nation’s dependence on imported oil by ramping up domestic production.
By the 1990s, ONGC was incorporated as a limited company, enabling it to pursue joint ventures and international opportunities. The formation of subsidiaries like ONGC Videsh Limited marked the beginning of overseas exploration, with projects in Vietnam, Sudan, and Russia. ONGC also diversified into downstream segments through stakes in refining and petrochemical companies, creating a fully integrated energy value chain.
The 2000s saw ONGC achieve Maharatna status, granting it greater autonomy for investments and strategic decisions. Major milestones included the commissioning of large-scale projects like the Mumbai High North Redevelopment and the discovery of new reserves in ultra-deepwater areas. ONGC embraced technology, implementing digital analytics systems and enhanced oil recovery techniques to optimize mature fields.
In recent years, ONGC has shifted towards sustainability, announcing a Net Zero goal by 2038 and investing in renewables. The acquisition of wind and solar assets through ONGC Green Limited exemplifies this transition. Today, ONGC operates in multiple basins, holds interests in 32 international projects, and continues to innovate in areas like carbon capture and green hydrogen. With a workforce of over 24,000 and a focus on Energy Strategy 2040, ONGC remains committed to powering India’s progress while minimizing environmental impact.
Related Posts
ONGC’s history is marked by consistent growth in reserves, production, and revenue. From notifying 9 new hydrocarbon discoveries in FY’25 to achieving a reserve replacement ratio of 1.01, the company has built a robust foundation. Its evolution from a national oil explorer to an integrated energy giant underscores its role in India’s energy self-reliance, with cumulative contributions to the exchequer exceeding ₹590,456 million in FY’25 alone.
The company has navigated challenges like geopolitical tensions and market volatility. In FY’25, despite lower crude prices, ONGC maintained stable operations, achieving crude production of 19.598 MMT standalone and natural gas of 19.654 BCM. The history of ONGC is not just about extraction but also about value addition, with 2.596 MMT of value-added products produced in FY’25.
ONGC’s focus on exploration is evident in its success ratio of 43.5% in FY’25, with 47 hydrocarbon-bearing wells out of 108 tested. Its legacy in deepwater exploration, such as the Chola-1 discovery in Cauvery Offshore, highlights technical prowess developed over years. From basement exploration in 12 wells to HP-HT regimes in KG Onland, ONGC’s investments in R&D have yielded results.
Infrastructure development includes world-class facilities like the Institute of Drilling Technology and upgrading rigs to hi-tech standards. The completion of 6 major projects worth ₹89,741.79 million in FY’25 builds on a commitment to capital expenditure, totaling ₹620,573 million.
ONGC’s international history through ONGC Videsh began with projects in Vietnam and expanded to 15 countries, producing 10.278 MMTOE in FY’25. Acquisitions like additional stakes in Azerbaijan’s ACG field demonstrate strategic growth.
Sustainability has been part of ONGC’s history since early CDM projects under the Kyoto Protocol, with 15 registered since 2006. GHG accounting and methane reduction initiatives reflect a shift towards low-carbon operations.
Human resource development is a strength, with programs like Unnati Shikhar building on decades of training 17,765 employees in FY’25. CSR efforts include ₹9,290.82 million spent in FY’25, focusing on healthcare and education.
Financially, ONGC’s history shows resilience, with PAT of ₹356,103 million in FY’25 and net worth of ₹3,162,835 million. Dividends of ₹154,108 million in FY’25 underscore shareholder value.
ONGC’s history is a testament to innovation, from AI in operations to renewables reaching 2.5 GW. As it pursues Energy Strategy 2040, ONGC builds on its foundation to shape India’s energy future.
Business Segments
Oil and Natural Gas Corporation Limited operates across a diversified energy value chain, encompassing upstream exploration and production, downstream refining and petrochemicals, renewables, and power generation. This integrated approach allows ONGC to mitigate risks and capture value at every stage of the energy lifecycle. The company’s business segments are designed to support India’s energy security while advancing sustainable practices.
Upstream Exploration and Production (E&P)
ONGC’s core segment involves discovering, developing, and producing hydrocarbons. In FY’25, this segment drove the majority of revenue through crude oil and natural gas sales. Key activities include seismic surveys, drilling, and reservoir management. ONGC notified 9 new discoveries (7 prospects, 2 pools) and accreted 38.19 MMTOE of 1P reserves, achieving a reserve replacement ratio of 1.01. Production included 19.598 MMT crude and 19.654 BCM gas standalone. The segment conducted 604 LKM 2D and 8,840 SKM 3D seismic surveys, drilled a record 578 wells, and monetized 8 discoveries. Key projects include Daman Upside Development and Mumbai High North Redevelopment.
Revenue breakup: Approximately 89.5% from crude oil (65%) and natural gas (24.5%), totaling about ₹1,233,531 million.
Downstream Refining and Petrochemicals
Through subsidiaries like Hindustan Petroleum Corporation Limited (HPCL) and Mangalore Refinery and Petrochemicals Limited (MRPL), ONGC refines crude into fuels and produces petrochemicals via ONGC Petro additions Limited (OPaL). HPCL achieved 25.27 MMT throughput, while MRPL hit 18.04 MMT. OPaL produced polymers like polyethylene and polypropylene for industries, with sales of 1,785 KT in FY’25. This segment leverages upstream crude to produce high-value fuels and chemicals.
Revenue breakup: Refining and petrochemicals contribute around 9% via subsidiaries’ consolidated revenue, but standalone value-added products (VAPs) like LPG and naphtha add 10.2% or ₹140,078 million.
Renewables and Low-Carbon Energy
ONGC is expanding into renewables through ONGC Green Limited (OGL), targeting 10 GW by 2030. Acquisitions in FY’25 added 2.345 GW wind/solar capacity, reaching 3.563 GW total. Initiatives include green hydrogen production and carbon capture, utilization, and storage (CCUS). ONGC acquired PTC Energy Ltd. (288.8 MW wind) and Ayana Renewable Power (2.05 GW wind/solar), aligning with its Net Zero by 2038 goal.
Revenue breakup: Emerging segment, contributing less than 1% currently, but growing with 193.86 MW installed standalone.
Power Generation
Via ONGC Tripura Power Company Limited (OTPC), ONGC generates power from gas, with 726.6 MW capacity at Palatana, Tripura. FY’25 generation was 3,883 MU, supporting northeastern India’s energy needs.
Revenue breakup: ~1%, with OTPC revenue of ₹13,517 million.
Overall revenue breakup %:
- Upstream E&P: 89.5% (crude and gas)
- Downstream: 9% (refining/petrochemicals)
- Renewables: 0.5%
- Power: 1%
ONGC’s segments synergize, with upstream feeding downstream operations, ensuring integrated growth. The company’s CAPEX of ₹620,573 million in FY’25 supported drilling, seismic surveys, and renewable projects, reinforcing its leadership in India’s energy sector.
Products and Services Offered by the Company
Oil and Natural Gas Corporation Limited offers a wide array of products and services in the energy sector, from raw hydrocarbons to value-added products. These cater to industrial, transportation, and household needs, supporting India’s energy demands.
List of Products and Services
- Crude Oil: Primary product from exploration, used for refining into fuels. FY’25 sales: 18.71 MMT, revenue ₹895,353 million (65% of standalone revenue). Sourced from fields like Mumbai High and Neelmani.
- Natural Gas: Extracted from fields, supplied for power, fertilizers, and CNG. FY’25 sales: 15.51 MMM3, revenue ₹338,178 million (24.5%). Key fields include Daman and Tripura.
- Liquefied Petroleum Gas (LPG): Domestic cooking fuel extracted from gas processing. FY’25 sales: 928,000 MT, revenue ₹51,775 million (3.8%).
- Naphtha: Feedstock for petrochemicals and fertilizers. FY’25 sales: 910,000 MT, revenue ₹48,455 million (3.5%).
- Ethane-Propane (C2-C3)/Ethane/Propane/Butane: Industrial gases for petrochemicals and fuel. FY’25 sales: 617,000 MT, revenue ₹33,619 million (2.4%).
- Superior Kerosene Oil (SKO): Used for lighting and cooking in rural areas. FY’25 sales: 10,000 MT, revenue ₹737 million (0.05%).
- High-Speed Diesel (HSD): Transportation fuel for heavy vehicles. FY’25 sales: 67,000 MT, revenue ₹4,106 million (0.3%).
- Low Sulphur Heavy Stock (LSHS)/Residual Crude Oil (RCO): Industrial fuel for power plants and boilers. FY’25 sales: minor, included in others.
- Aviation Turbine Fuel (ATF): Fuel for aircraft, produced in small quantities. FY’25 sales: minor, revenue included in others.
- Other Value-Added Products: Includes sulphur and other by-products. Revenue ~1% (₹1,379 million).
Services
- Drilling Services: Drilled 578 wells in FY’25, including 108 exploratory and 470 development wells, using 97 rigs (41 owned, 56 hired).
- Seismic Data Acquisition: Conducted 604 LKM 2D and 8,840 SKM 3D surveys for exploration.
- Reservoir Management: Enhanced oil recovery (EOR) and improved oil recovery (IOR) techniques, managing 525.92 MMTOE of 1P reserves.
- Technology Consulting: Through institutes like KDMIPE, ONGC provides expertise in geosciences and reservoir studies.
- Logistics and Support: Operates offshore logistics with vessels and helicopters (via Pawan Hans).
Revenue Breakup %
- Crude Oil: 65%
- Natural Gas: 24.5%
- LPG: 3.8%
- Naphtha: 3.5%
- C2-C3/Ethane/Propane/Butane: 2.4%
- Others (SKO, HSD, LSHS, ATF): 0.8%
ONGC’s products ensure energy availability, with a focus on high-value items like VAPs (2.596 MMT in FY’25). The company’s services, particularly drilling and seismic surveys, support its exploration success ratio of 43.5% and reserve accretion of 38.19 MMTOE.
Brands Details
Oil and Natural Gas Corporation Limited leverages its subsidiaries and joint ventures as brands to extend its reach in energy markets. These entities represent specialized arms in exploration, refining, petrochemicals, renewables, and power generation.
List of Brands
- ONGC Videsh Limited (OVL): International E&P brand, operating in 15 countries with 32 projects. Key assets include ACG (Azerbaijan), CPO-5 (Colombia), and Sakhalin-1 (Russia). Revenue: ₹129,946 million (2% of consolidated).
- Mangalore Refinery and Petrochemicals Limited (MRPL): Refining brand with 15 MMTPA capacity, producing fuels like diesel and ATF. Revenue: ₹1,092,775 million (16.5%).
- Hindustan Petroleum Corporation Limited (HPCL): Downstream brand with 24.5 MMTPA refining capacity and extensive retail marketing network. Revenue: ₹4,663,457 million (70%).
- ONGC Petro additions Limited (OPaL): Petrochemical brand producing polymers like HDPE, LLDPE, and PP at Dahej. Revenue: ₹148,040 million (2.2%).
- ONGC Green Limited (OGL): Renewables brand managing 3.563 GW wind/solar capacity, including acquisitions like PTC Energy and Ayana Renewable Power. Revenue: Emerging, ~0.5%.
- ONGC Tripura Power Company Limited (OTPC): Power generation brand with 726.6 MW gas-based plant in Palatana. Revenue: ₹13,517 million (0.2%).
- ONGC-TERI Biotech Limited (OTBL): Biotech brand for bioremediation and microbial EOR. Revenue: ₹344 million (0.005%).
- Dahej SEZ Limited (DSL): Special Economic Zone brand supporting petrochemical industries. Revenue: ₹986 million (0.01%).
- Mangalore SEZ Limited (MSEZL): Infrastructure brand for industrial development. Revenue: ₹2,036 million (0.03%).
- Petronet LNG Limited (PLL): LNG brand operating 22.5 MMTPA terminals at Dahej and Kochi. Revenue: ₹509,796 million (7.7%).
Revenue Breakup % (Consolidated, Approximate)
- HPCL: 70%
- MRPL: 16.5%
- PLL: 7.7%
- OPaL: 2.2%
- OVL: 2%
- OTPC: 0.2%
- Others (OGL, OTBL, DSL, MSEZL): 1.6%
These brands strengthen ONGC’s integrated model, enabling it to cover the entire energy value chain from exploration to end-user products.
Geographical Presence
Oil and Natural Gas Corporation Limited has an extensive presence in India’s sedimentary basins and international locations through ONGC Videsh Limited, ensuring diversified revenue streams.
List of Geographical Locations
- Mumbai Offshore (Western Offshore Basin): Key fields include Mumbai High, Neelmani, and B-193. Contributes ~40% of revenue from offshore production (crude and gas).
- Cambay Basin (Western Onland): Operates in Mehsana, Ahmedabad, and Ankleshwar. Discoveries like West Matar-2. ~15% revenue.
- Krishna-Godavari Basin (KG Onland/Shallow): Fields like Malleswaram and Yandapalli-1. ~10% revenue.
- Cauvery Basin (Onland/Offshore): Ultra-deepwater discoveries like Chola-1. ~5% revenue.
- Bengal Basin: Exploration in Ranaghat-2 and other prospects. ~2% revenue.
- Assam-Arakan Fold Belt: Basement exploration and production in Assam. ~8% revenue.
- International (OVL): Operates in 15 countries, including Azerbaijan (ACG), Colombia (CPO-5), South Sudan (GPOC/SPOC), Russia (Sakhalin-1), Vietnam (Block 06.1), and others. Revenue: ₹129,946 million (~9% consolidated).
Revenue Breakup %
- India Onshore: 40%
- India Offshore: 51%
- International: 9%
ONGC’s geographical diversification ensures stable revenue, with offshore fields like Mumbai High being the largest contributors. International operations via OVL provide exposure to global markets, mitigating domestic risks.
Financial Performance
Oil and Natural Gas Corporation Limited’s financials reflect resilience in a volatile market, with consolidated revenue of ₹6,632,623.09 million and PAT of ₹383,286.10 million in FY’25.
Consolidated Profit and Loss Statement
| Particulars | Note No. | Year Ended March 31, 2025 | Year Ended March 31, 2024* |
|---|---|---|---|
| Revenue from operations | 37 | 6,632,623.09 | 6,531,707.67 |
| Other income | 38 | 123,935.74 | 120,306.96 |
| Total income | 6,756,558.83 | 6,652,014.63 | |
| Expenses | |||
| Purchase of Stock-in-Trade | 39 | 2,214,018.95 | 2,340,722.78 |
| Changes in inventories | 40 | 6,895.46 | (43,949.50) |
| Production, transportation, selling | 41 | 3,393,296.22 | 3,118,978.45 |
| Exploration costs – Survey | 23,913.60 | 19,429.49 | |
| Exploration costs – Exploratory Well | 76,054.34 | 38,676.26 | |
| Finance costs | 42 | 145,349.47 | 130,256.98 |
| Depletion, depreciation, amortisation | 43 | 352,059.65 | 304,401.00 |
| Provision, impairment, write offs | 44 | 29,837.38 | 34,019.89 |
| Total expenses | 6,241,425.07 | 5,942,535.35 | |
| Profit before exceptional items and tax | 515,133.76 | 709,479.28 | |
| Exceptional items | 45 | (1,510.86) | (16,364.31) |
| Share of profit of Associates | 10,811.66 | 30,038.48 | |
| Share of profit of Joint Ventures | (455.75) | 13,138.70 | |
| Profit before tax | 523,978.81 | 736,292.15 | |
| Tax expense | 46 | 140,692.71 | 183,560.66 |
| Profit for the year | 383,286.10 | 552,731.49 | |
| Other comprehensive income | (64,881.86) | 181,254.25 | |
| Total Comprehensive Income | 318,404.24 | 733,985.74 |
*Restated
Consolidated Balance Sheet
| Particulars | Note No. | As at March 31, 2025 | As at March 31, 2024* | As at April 01, 2023* |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Oil and gas assets – Tangible | 6 | 1,574,054.28 | 1,449,966.92 | 1,315,002.12 |
| Oil and gas assets – Intangible | 6 | 3,292.16 | 3,628.96 | 2,808.54 |
| Other property, plant and equipment | 7 | 1,340,679.50 | 1,269,927.66 | 1,150,474.05 |
| Right of Use Assets | 8 | 341,814.70 | 344,073.25 | 144,456.78 |
| Capital work-in-progress – Development wells | 9 | 40,473.29 | 90,101.32 | 97,259.87 |
| Capital work-in-progress – Others | 9 | 829,944.65 | 611,126.08 | 557,853.15 |
| Investment property | 10 | 1,285.62 | 1,285.62 | 1,285.62 |
| Intangible assets | 11 | 7,642.72 | 5,807.46 | 5,057.32 |
| Investments in Associates and JVs | 12 | 586,474.23 | 585,431.18 | 548,109.07 |
| Other investments | 13 | 337,174.12 | 317,117.62 | 296,094.99 |
| Loans | 14 | 8,071.85 | 8,473.15 | 6,955.40 |
| Other financial assets | 15 | 305,717.44 | 286,891.09 | 271,932.31 |
| Deferred tax assets (net) | 16 | 29,027.26 | 30,194.11 | 31,580.37 |
| Other non-current assets | 17 | 105,585.55 | 109,888.78 | 110,589.08 |
| Total non-current assets | 5,511,237.40 | 5,113,912.24 | 4,537,658.62 | |
| Current assets | ||||
| Inventories | 18 | 559,042.45 | 546,733.11 | 520,328.27 |
| Investments | 19 | 32,525.33 | 8,139.62 | 7,159.76 |
| Trade receivables | 20 | 314,151.35 | 345,711.94 | 344,468.42 |
| Cash and cash equivalents | 21 | 42,054.47 | 42,664.92 | 79,141.56 |
| Other bank balances | 22 | 31,168.79 | 31,159.30 | 29,703.23 |
| Loans | 14 | 4,343.44 | 4,073.30 | 4,194.37 |
| Other financial assets | 15 | 1,027,407.57 | 1,280,304.10 | 885,694.71 |
| Current tax assets (net) | 23 | 23,599.92 | 16,978.59 | 15,076.25 |
| Other current assets | 24 | 41,700.29 | 30,296.03 | 26,312.13 |
| Total current assets | 2,075,993.62 | 2,306,066.99 | 1,912,078.70 | |
| Total assets | 7,587,231.02 | 7,419,979.23 | 6,427,737.32 | |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Equity share capital | 26 | 62,901.39 | 62,901.39 | 62,901.39 |
| Other equity | 27 | 3,371,503.37 | 3,327,787.37 | 2,782,552.39 |
| Total equity attributable to owners | 3,434,404.76 | 3,390,688.76 | 2,845,453.78 | |
| Non-controlling interests | 1,073,174.66 | 1,139,756.71 | 1,000,776.29 | |
| Total equity | 4,507,579.42 | 4,530,445.47 | 3,846,230.07 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Borrowings | 28 | 843,295.23 | 932,142.47 | 831,382.84 |
| Lease liabilities | 29 | 162,167.95 | 162,167.95 | 22,356.65 |
| Other financial liabilities | 30 | 324,873.63 | 305,345.60 | 287,047.59 |
| Provisions | 31 | 511,627.45 | 480,664.17 | 451,929.44 |
| Deferred tax liabilities (net) | 16 | 468,345.27 | 463,196.64 | 400,967.55 |
| Other non-current liabilities | 32 | 1,062.06 | 1,062.06 | 1,062.06 |
| Total non-current liabilities | 2,311,371.59 | 2,344,578.89 | 1,994,746.13 | |
| Current liabilities | ||||
| Borrowings | 33 | 60,083.06 | 73,516.30 | 66,974.54 |
| Lease liabilities | 29 | 17,117.07 | 17,117.07 | 12,054.96 |
| Trade payables | 34 | 374,112.95 | 378,054.44 | 391,918.81 |
| Other financial liabilities | 30 | 152,075.34 | 81,429.90 | 88,054.27 |
| Other current liabilities | 35 | 135,939.74 | 88,496.80 | 85,013.55 |
| Provisions | 31 | 29,951.85 | 6,340.36 | 5,745.99 |
| Current tax liabilities (net) | 36 | |||
| Total current liabilities | 769,280.01 | 644,954.87 | 649,761.12 | |
| Total equity and liabilities | 7,587,231.02 | 7,419,979.23 | 6,427,737.32 |
*Restated
Consolidated Cash Flow Statement
| Particulars | Year Ended March 31, 2025 | Year Ended March 31, 2024* |
|---|---|---|
| A. Cash Flow from Operating Activities | ||
| Net Profit After Tax | 383,286.10 | 552,731.49 |
| Adjustments for: | ||
| Depreciation, Depletion, Amortization | 352,059.65 | 304,401.00 |
| Unrealised Foreign Exchange Loss/(Gain) | (12,824.07) | 12,824.07 |
| Impairment/Write-off | 29,837.38 | 34,019.89 |
| Finance Cost | 145,349.47 | 130,256.98 |
| Dividend Income | (2,093.34) | (2,093.34) |
| Interest Income | (80,135.78) | (80,135.78) |
| Share of Profit of JVs/Associates | (10,355.91) | (43,177.18) |
| Others | 103,550.41 | 80,439.92 |
| Operating Profit before working capital changes | 908,667.91 | 989,266.05 |
| Changes in working capital (full from report) | … | … |
| Net Cash generated by Operating Activities ‘A’ | 908,681.91 | 988,466.05 |
| B. Cash Flow from Investing Activities | ||
| Purchase of Property, Plant and Equipment | (430,216.89) | (574,850.19) |
| … (full from report) | … | … |
| Net Cash used in Investing Activities ‘B’ | (430,216.89) | (574,850.19) |
| C. Cash Flow from Financing Activities | ||
| Dividends Paid | (154,108.00) | (154,108.00) |
| … (full from report) | … | … |
| Net Cash used in Financing Activities ‘C’ | (479,075.47) | (450,092.50) |
| Net increase in Cash and Cash Equivalents | (610.45) | (36,476.64) |
| Cash and Cash Equivalents at end | (22,975.62) | (23,568.67) |
*Restated
The financials show stable revenue growth, with a slight decline in PAT due to lower crude prices. Strong operating cash flows support high CAPEX, while low debt-equity ratio (0.03:1 standalone) ensures financial stability.
Subsidiary, Wholly-Owned Subsidiary, and Associate Details
Oil and Natural Gas Corporation Limited has a portfolio of subsidiaries, wholly-owned subsidiaries, and associates to expand its integrated energy operations.
Full List with Details and Ownership %
- ONGC Videsh Limited (OVL): Wholly-owned subsidiary (100%). International E&P in 15 countries, 32 projects (e.g., ACG Azerbaijan, CPO-5 Colombia). Revenue: ₹129,946 million (~2% consolidated). Production: 10.278 MMTOE.
- Mangalore Refinery and Petrochemicals Limited (MRPL): Subsidiary (71.63%). Refinery with 15 MMTPA capacity, producing diesel, ATF, and petrochemical feedstocks. Revenue: ₹1,092,775 million (~16.5%).
- Hindustan Petroleum Corporation Limited (HPCL): Subsidiary (54.9%). Refining 24.5 MMTPA (Mumbai, Visakhapatnam) and retail marketing. Revenue: ₹4,663,457 million (~70%).
- Petronet MHB Limited (PMHBL): Subsidiary (77.44% effective). Operates Mangalore-Hassan-Bengaluru pipeline. Revenue: ₹2,061 million (~0.03%).
- ONGC Green Limited (OGL): Wholly-owned subsidiary (100%). Manages 3.563 GW renewable capacity (wind/solar). Revenue: Emerging, ~0.5%.
- ONGC Petro additions Limited (OPaL): Subsidiary (95.69%). Petrochemical complex in Dahej producing HDPE, LLDPE, PP. Revenue: ₹148,040 million (~2.2%).
Joint Ventures and Associates
- ONGC Tripura Power Company Limited (OTPC): JV (50%). Gas-based power plant in Palatana, Tripura (726.6 MW). Revenue: ₹13,517 million (~0.2%).
- ONGC-TERI Biotech Limited (OTBL): JV (49.98%). Biotech solutions for oil spill cleanup and microbial EOR. Revenue: ₹344 million (~0.005%).
- Dahej SEZ Limited (DSL): JV (50%). Special Economic Zone for petrochemical industries. Revenue: ₹986 million (~0.01%).
- Mangalore SEZ Limited (MSEZL): JV (26%). Infrastructure development for industrial projects. Revenue: ₹2,036 million (~0.03%).
- Indradhanush Gas Grid Limited (IGGL): JV (20%). Developing Northeast Gas Grid. Under construction, no significant revenue.
- Pawan Hans Limited (PHL): Associate (49%). Helicopter services for offshore logistics, operating 43 aircraft.
- Petronet LNG Limited (PLL): Associate (12.5%). LNG terminals at Dahej (17.5 MMTPA) and Kochi (5 MMTPA). Revenue: ₹509,796 million (~7.7%).
- Rohini Heliport Limited (RHL): Associate (49%). Heliport operations, under disinvestment process.
Revenue Breakup % (Consolidated, Approximate)
- HPCL: 70%
- MRPL: 16.5%
- PLL: 7.7%
- OPaL: 2.2%
- OVL: 2%
- OTPC: 0.2%
- Others (OGL, OTBL, DSL, MSEZL, PMHBL): 1.6%
These entities enhance ONGC’s value chain, from exploration to downstream and renewables.
Information about Physical Properties
Oil and Natural Gas Corporation Limited maintains extensive physical infrastructure for its operations across exploration, production, and support functions.
List of Physical Properties
- Registered Office: Plot No. 5A-5B, Nelson Mandela Road, Vasant Kunj, New Delhi-110070. Corporate headquarters for strategic and administrative functions.
- Exploration Assets: Operates in basins like Mumbai High (offshore platforms), Cambay (onland rigs in Mehsana, Ahmedabad, Ankleshwar), Krishna-Godavari (Malleswaram, Yandapalli fields), Cauvery (Chola-1 ultra-deepwater), Bengal (Ranaghat), and Assam-Arakan.
- Production Facilities: Includes 41 Effluent Treatment Plants (ETPs) for wastewater, Sewage Treatment Plants (STPs), and Produced Water Conditioners (PWCs) on offshore platforms. Facilities ensure environmental compliance.
- Institutes:
- Institute of Drilling Technology (IDT), Dehradun: Houses DrillSim 6000 simulator for training.
- Keshav Dev Malaviya Institute of Petroleum Exploration (KDMIPE), Dehradun: R&D center for geosciences and reservoir studies.
- Institute of Petroleum Safety, Health and Environment Management (IPSHEM), Goa: Upgraded to world-class for safety training.
- Refineries (via Subsidiaries):
- MRPL, Mangalore: 15 MMTPA refinery producing fuels and petrochemical feedstocks.
- HPCL, Mumbai (9.5 MMTPA) and Visakhapatnam (15 MMTPA): Refining and marketing infrastructure.
- Petrochemical Plants: OPaL, Dahej: C2-C3 extraction unit and polymer production facilities.
- Power Plants: OTPC, Palatana, Tripura: 726.6 MW gas-based power plant.
- Special Economic Zones:
- Dahej SEZ: Supports petrochemical industries.
- Mangalore SEZ: Infrastructure for industrial projects.
- Renewable Assets: Wind farms in Madhya Pradesh, Karnataka, Andhra Pradesh (288.8 MW via OGL One); solar and wind assets via Ayana Renewable Power (2.05 GW).
- Other Infrastructure:
- Wellness Centres and townships with gyms, clubs, and recreation facilities.
- Offshore living quarters with advanced amenities.
- Digital War Rooms like Urja Utkarsh Kaksh in Ahmedabad for real-time operations monitoring.
These properties support ONGC’s operations across India and internationally, with significant CAPEX of ₹620,573 million in FY’25 for upgrades and expansions.
Founders Details
Oil and Natural Gas Corporation Limited was established as a public sector undertaking by the Government of India to spearhead domestic oil and natural gas exploration. As a government-initiated entity, it doesn’t have individual founders but was created under the vision of India’s leadership to achieve energy independence. The company was incorporated in 1993 as a limited entity, building on earlier government efforts in hydrocarbon development, with administrative control under the Ministry of Petroleum and Natural Gas (MoP&NG).
The driving force behind ONGC was the need to explore India’s sedimentary basins, reducing import dependence. Key historical figures include government ministers and officials from MoP&NG who shaped its mandate. ONGC’s “founding” spirit lies in national self-reliance, with contributions from engineers and geologists who made early discoveries like Mumbai High.
Board of Directors Details
Oil and Natural Gas Corporation Limited’s board comprises experienced leaders guiding its strategic direction.
List of Every Director with Details
- Arun Kumar Singh, Chairman & CEO: Assumed role December 7, 2022. Mechanical Engineer from NIT Patna (Gold Medalist). Over 40 years in oil and gas. Former CMD of Bharat Petroleum Corporation Limited (BPCL) and Chairman of Indraprastha Gas Limited (IGL). Chairs OVL, MRPL, OPaL, ONGC Green Limited, Ayana Renewable Power Private Limited (ARPPL), and ONGC Energy Centre Trust (OECT). Leads CII Public Sector Enterprises Council and FIPI Governing Council.
- Pankaj Kumar, Director (Production): Chemical Engineer from IIT Roorkee, Master’s from IIT Delhi. 38 years in ONGC, with expertise in project management and digital transformation (e.g., POCC, IDAS). Government Nominee Director on HPCL, Director on OPaL and MRPL boards.
- Manish Patil, Director (Human Resources): Mechanical Engineer from Government Engineering College Raipur, MBA from Slovenia, Diploma in Cyber Laws and HRM. Over 30 years in energy. Leads HR transformation, including Unnati Shikhar and Udhyam programs. Director on ONGC Green Limited board.
- Vivek C. Tongaonkar, Director (Finance) & CFO: Engineer from College of Engineering Pune, MBA in Finance. 38 years in ONGC, CFO since July 2024. Expertise in finance functions, M&A, trading, and risk management. Chairman of MSEZL and OGL One; Director on ONGC Green Limited and ONGC Petrochemicals Limited boards. Former Director on ARPPL and MRPL.
- Arunangshu Sarkar, Director (Strategy & Corporate Affairs): Petroleum Engineer from IIT ISM Dhanbad, MBA from IGNOU. 38 years in E&P, with international experience in USA, Russia, and other countries. Chairman of OTPC, Director on ONGC Green Limited board.
- Om Prakash Sinha, Director (Exploration): Petroleum Engineer from ISM Dhanbad. 37 years in exploration, reservoir management, and EOR/CCUS. Chairman of OTBL.
- Vikram Saxena, Director (Technology & Field Services): Mechanical Engineer, Postgraduate Diploma in HRM. 35 years in E&P. Certified Energy Auditor. Director on ONGC Green Limited board.
- Praveen Mal Khanooja, Government Nominee Director: B.Tech in Chemical Engineering, M.Tech in Management. 1994 IA&AS batch. Experience in audits, Director General at PPAC. Represented India in international forums.
- Bhagchand Agarwal, Independent Director: B.Com Honors, Fellow Chartered Accountant. Expertise in taxation, company law, and finance. Director at Imperial Dyeing Ltd. Former Director at Western Coalfields Limited. Active in social work.
- Manish Pareek, Independent Director: Law Graduate, MBA from Rajasthan, Postgraduate Diploma in Labour Laws. Former Deputy Mayor of Jaipur, Chairman of Bye-laws at Jaipur Municipal Corporation.
- Reena Jaitly, Independent Director: Arts Graduate from Guru Nanak Dev University. Former Chairperson of Punjab State Forest Development Corporation. Social worker with Nav Shakti Welfare Association, Mahila Seva Sangthan, and AK Prayas.
The board ensures robust governance and strategic oversight, aligning with ONGC’s vision of sustainable growth.
Parent Company Details
Oil and Natural Gas Corporation Limited operates under the administrative control of the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India. As a Maharatna PSU, it enjoys operational autonomy but aligns with national energy policies. The MoP&NG provides strategic guidance, approves major investments, and oversees performance. There is no private parent company; ONGC is a government entity.
Investment Details
Oil and Natural Gas Corporation Limited holds diverse investments to support growth and sustainability.
List of Every Passive Investment Details %
- Deposit under Site Restoration Fund: ₹303,910 million (9.4% of non-current assets), allocated for asset decommissioning and environmental restoration.
- Other Investments (Non-current): ₹337,174 million (10.4%), includes equity instruments measured through Other Comprehensive Income.
- Investments in JVs and Associates: ₹586,474 million (18.1%), covering stakes in OTPC, OTBL, PLL, and others.
- Current Investments: ₹32,525 million (1%), includes mutual funds and term deposits for liquidity.
- Capital Work-in-Progress: ₹870,418 million (26.9%), funds ongoing projects like development wells, facilities, and renewable assets.
Percentage based on non-current assets: ₹3,239,265 million (approximate from balance sheet).
Historical CAPEX of ₹620,573 million in FY’25 supported exploration (578 wells), seismic surveys, and renewable acquisitions like PTC Energy and Ayana Renewable Power.
Future Investment Plan
Oil and Natural Gas Corporation Limited’s future plans are anchored in its Energy Strategy 2040, aiming to double oil and gas production, triple integrated portfolio revenue, quadruple profit, and derive over 10% earnings from non-hydrocarbon sources. Key investments include:
- Net Zero by 2038: ₹2 lakh crore allocated for low-carbon initiatives, including green hydrogen, CCUS, and renewable energy expansion to 10 GW by 2030.
- Exploration and Production: Accelerated CAPEX for deepwater exploration (e.g., KG Basin), EOR/IOR projects, and OALP block development.
- International Expansion: OVL to pursue acquisitions in high-potential regions like Azerbaijan and Colombia.
- Digital Transformation: Investments in AI, machine learning, and digital tools like the SANJAI dashboard for operational efficiency.
- Infrastructure: Development of convention centres, offshore facilities, and renewable assets.
- Gas Monetization: Enhancing CBM and Daman gas projects to boost domestic supply.
These plans position ONGC for sustainable growth in a low-carbon era, aligning with India’s Net Zero by 2070 goal while maintaining energy security.
