Key Business Highlights:

Oil & Gas Production Growth:

Crude Oil Production: 1% increase YoY, reversing a multi-year decline.

Natural Gas Production: Slight uptick in Q3, driven by new wells in KG Basin.

KG-98/2 Block: Now producing 35,000 barrels/day, with ramp-up to 45,000 by Q1 FY26.

Strategic Partnerships & Expansion:

Mumbai High Field: ONGC partnered with BP Exploration to enhance recovery (60% output boost expected).

New Offshore Discoveries: Gas well in Cauvery Basin flowing at 500,000 m³/day.

Daman & DSF II Projects: Adding 9-10 MMSCMD of gas by mid-FY26.

Renewable Energy & Green Transition:

ONGC Green Ltd. (OGL): New subsidiary focusing on 10 GW renewable capacity by 2030.

1 GW solar & wind project tender issued for ONGC’s captive use.

JV with NTPC Green Energy: Expanding hybrid & RTC (Round-the-Clock) renewable projects.

₹1 lakh crore Capex planned for green energy by 2030.

Global Operations (ONGC Videsh):

Presence in 15 countries, with 32 projects.

Production from Russian fields stable, but $250M funds stuck in Russian banks due to sanctions.

Exploring new acquisitions in Latin America & Africa for near-term production.

Petrochemicals & Refining (OPaL, MRPL, HPCL):

OPaL’s debt restructuring completed, reducing financing costs.

Gas supply increased from ONGC to OPaL (3.2 MMSCMD from April 2025).

MRPL faced losses due to lower refining margins, while HPCL reported strong fuel sales.

Future Outlook & Strategy:

Production Growth: Targeting 44.5 MMToE by FY27 (21.96 MMToE crude, 22.63 MMToE gas).

Gas Pricing: New well gas price set at 12% of Brent, ensuring higher realization.

Capex Allocation: ₹36,920 crore planned for FY26, with a focus on offshore E&P & renewables.

Renewable Push: Scaling solar, wind, and green hydrogen projects to diversify revenue.