- **Oil and Natural Gas Corporation Ltd is India’s largest oil and gas producer, a state-owned enterprise that has found and pumped hydrocarbons from the subcontinent’s basins for over six decades, supplying roughly two-thirds of the country’s domestic production**. **It was built to deliver national energy self-sufficiency, discovering eight out of nine producing basins of India, and has since expanded into refining, petrochemicals, power, and renewables - always using the cash flows and feedstock from its core upstream engine to build the next one**. **The recurring approach is to own the molecule from discovery to consumer, then reinvest in the infrastructure and partnerships that keep those molecules flowing.** # Business segments Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Exploration and production: where the group’s cash and feedstock come from **ONGC finds and extracts crude oil and natural gas from domestic and international acreage, selling the bulk to refineries and gas buyers - its production volume and global commodity prices drive the economics of the entire group.** - **India’s dominant driller** - it operates across roughly 3 lakh square kilometres of domestic acreage, producing from eight basins including the prolific Mumbai Offshore, and has maintained a reserve-replacement ratio above one for 18 consecutive years, meaning it consistently finds more oil and gas than it pumps out. - **A portfolio of legacy giants and new frontiers** - the Mumbai High field, discovered in 1974, remains a cornerstone asset, while the KG-DWN-98/2 block in the Krishna-Godavari basin achieved first oil in March 2024 and the Daman Upside Development Project delivered first gas in March 2026, executed in under two years at a cost of about USD 1 billion. - **BP brought in to sweat the biggest asset** - in a ten-year contract, BP Exploration acts as Technical Services Provider for Mumbai High, targeting a roughly 60% increase in oil-equivalent production; ONGC retains full ownership and control, paying BP a fixed fee initially and then a share of incremental revenue. - **International arm secures equity oil abroad** - wholly owned subsidiary ONGC Videsh holds stakes in 35 projects across 15 countries, from the super-giant ACG field in Azerbaijan to the Mozambique LNG project, where force majeure was lifted in late 2025, allowing construction of the 13.12 MMTPA facility to restart. - **Deepwater partnerships unlock new basins** - ONGC has signed joint operating agreements with Reliance Industries and BP for a block in the Saurashtra Basin, and with Oil India for three OALP blocks including an ultra-deepwater tract, while a resource-sharing pact with Reliance on the East Coast lets both companies share rigs, pipelines and processing facilities. ## 2. Refining and marketing: the group’s consumer-facing engine **HPCL, a listed subsidiary in which ONGC holds a 51% stake, runs two large refineries and India’s second-largest fuel-retail network - it turns crude into transport fuels and lubricants, then sells them through more than 20,000 outlets.** - **Refining at scale** - HPCL's Mumbai (7.5 MMTPA) and Visakhapatnam (8.3 MMTPA) refineries together processed over 17 million tonnes in a recent year, running at 109% utilisation, and both were upgraded to produce BS-VI compliant petrol and diesel. - **Lubes and LPG leadership** - through its subsidiary HPCL, it is India’s number-one lube marketer and number-two LPG marketer, supported by the country’s largest lube refinery with a capacity of 428 thousand metric tonnes and a network of over 6,000 LPG distributors. - **A greenfield refinery under construction** - the HPCL Rajasthan Refinery Ltd joint venture (HPCL 74%, Government of Rajasthan 26%) is building a 9 MMTPA refinery-cum-petrochemical complex, expanding the group’s downstream capacity beyond the existing coastal sites. ## 3. Petrochemicals: the value-upgrade bet on polymers **ONGC Petro Additions Limited (OPaL), now 95.69% owned by ONGC, runs one of the world’s largest dual-feed crackers at Dahej, converting naphtha and natural-gas liquids from ONGC’s upstream fields into polymers and chemicals.** - **Feedstock from the parent** - OPaL draws C2-C3 hydrocarbons and naphtha directly from ONGC’s Hazira and Uran plants, so the petrochemical complex is effectively a downstream integration play that captures margin the group would otherwise leave on the table. - **Scale and product range** - the complex has a design capacity of 1.1 MMTPA in terms of Poly-Ethylene (PE) capacity ratings, and in FY'20 operated at 88% capacity, aggregating more than 1.6 million tonnes of polymer and chemical sales, including ethylene, propylene, and multiple grades of polyethylene and polypropylene that carry food-grade and EU safety approvals. - **Ethane import chain being built** - to secure cheaper feedstock, ONGC has formed 50:50 joint ventures with Japan’s Mitsui O.S.K. Lines to own and operate two Very Large Ethane Carriers, each with a capacity of one lakh cubic metres, which will ship ethane from the USA to OPaL starting in FY 2028-29. - **Marketing joint venture to capture synergies** - ONGC, MRPL and OPaL are forming a 50:25:25 petrochemicals marketing company that will handle sales for the group, aiming to improve pricing and logistics while also trading third-party product. # Group structure and partners **ONGC sits at the centre of a diversified state-owned group that spans the hydrocarbon chain - upstream, downstream, petrochemicals, power, pipelines and now renewables - with direct subsidiaries, joint ventures and associates that give it reach from the wellhead to the retail pump and beyond.** - **Direct subsidiaries carry the operating load** - ONGC Videsh runs international E&P; HPCL (51.11%) runs refining and marketing; MRPL (71.63%) runs a 15 MMTPA coastal refinery; OPaL (95.69%) runs the Dahej petrochemical complex; and ONGC Green, incorporated in February 2024, is the dedicated vehicle for renewables, biofuels, green hydrogen and LNG. - **Joint ventures extend the footprint** - ONGC Tripura Power Company (50%) operates a 726.6 MW gas-fired power plant that monetises stranded Tripura gas; ONGC NTPC Green Private Limited (50:50 with NTPC Green Energy) acquired the Ayana Renewable Power platform with roughly 4.1 GW of assets in March 2025; and Indradhanush Gas Grid (20% ONGC) is building a 1,656 km gas pipeline across India’s north-east. - **Global partners bring technology and capital** - BP is the Technical Services Provider for Mumbai High; ExxonMobil, Chevron, TotalEnergies and Shell collaborate on E&P concepts; Mitsui O.S.K. Lines is the 50:50 partner for the ethane shipping joint ventures; and Samsung Heavy Industries is constructing the two VLECs.