1. Samudra Manthan first phase applicable up to 2031 On track - At the Q1 FY27 call, management stated the Samudra Manthan first phase (exploration) applies up to 2031, with a development phase beyond, and part of well costs reimbursed by the Government of India. Government approved the programme with total outlay of INR 84,084 crores, and ONGC commenced drilling its first deepwater exploratory well in the Mahanadi offshore basin around 25 July 2026.
2. Brazil BM-C-30 first oil from 2030 Pending - At the Q1 FY27 call, management said they expect first oil from the Brazil BM-C-30 project, for which the FPSO has been awarded, from 2030. No read yet - 2030 not reached.
3. Mozambique (OVL) production start end 2028 / beginning 2029 On track - At the Q1 FY27 call, management said they expect production from the Mozambique (OVL) project to start "sometime in the end of 2028 or beginning of 2029", with OVL's share \~3 MMT of gas in the initial phase; an earlier announcement had expected 2028. Force majeure was lifted around August-September 2025, formally on 7 November 2025; project progress reached \~41.5% at FY26 year-end with \~5,900 onsite workers and construction of the first two LNG trains of combined 13.12 MMTPA capacity in full swing.
4. Full-year capex $3.5-4 billion range maintained Pending - At the Q1 FY27 call, management reiterated full-year capex guidance in the $3.5 billion-$4 billion range and said that is the range they will maintain. No FY27 cumulative capex read yet in our record.
5. KG 98/2 gas peak 6-7 MMSCMD by around Q4 FY28 Pending - At the Q1 FY27 call, management guided 98/2 gas peak of 6-7 MMSCMD by around Q4 of 2027-28, after re-entering the E-field gas wells. No read yet - FY28 not reached.
6. KG 98/2 gas \~3 MMSCMD by Q4 FY27 On track - At the Q1 FY27 call, management guided 98/2 gas production to three million-plus MMSCMD with the opening of the balance three gas wells, a peak of \~3 MMSCMD expected by Q4 against current 1.5. Current production is \~1.5 MMSCMD gas; of seven gas wells two are producing and three are yet to be opened, with gas wells to start around October-November once the CPP connects.
7. FY28 standalone oil+gas production about 40 MMTOE, 50/50 oil-gas split Pending - At the Q1 FY27 call, management guided FY28 standalone oil+gas production of about 40 MMTOE, with roughly 50/50 oil and gas split. No read yet - FY28 has not begun.
8. FY27 standalone oil+gas production about 39 MMTOE On track - At the Q1 FY27 call, management guided FY27 standalone ONGC oil+gas production of about 39 MMTOE versus 38.87 MMTOE last year, with upside mainly from gas. Q1 FY27 production was broadly stable YoY amid reservoir complexities in KG 98/2, pre-commissioning activities, pipeline replacement in the Western Offshore and lower gas off-take from isolated fields; no FY27 cumulative read yet.
9. OPaL exit from C2/C3 and SEZ - \~INR 1,000 crore EBITDA benefit Pending - At the Q1 FY27 call, management guided that OPaL's exit from C2/C3 and SEZ will bring about INR 1,000 crore in EBITDA terms for OPaL. OPaL posted Q1 FY27 EBITDA of INR -57 crore versus INR +1,207 crore in FY26, disrupted by the Hormuz crisis; the exit benefit is not yet visible in the quarter.
10. BP technical service arrangements - measurable recovery gains over 2-3 years On track - In the 19 March 2026 announcement, management stated BP technical service arrangements for redevelopment of key western offshore/Mumbai High fields are expected to yield measurable recovery gains over the next 2-3 years, with ONGC intending to sustain current production levels. The TSP/BP partnership model has expanded from Mumbai High Phase 1 across the entire Western Offshore portfolio with >INR 40,000 crores of projects under execution, and Mumbai High TSF produced \~107% of contractual baseline oil and \~113% of baseline gas during Q1 FY27.
11. DSF II fields contributing from April 2027 Pending - In the 19 March 2026 announcement, management stated multiple fields under DSF II are expected to begin contributing from April 2027. No read yet - April 2027 not reached.
12. Energy transition investment ₹1 lakh crore by 2030, ₹2 lakh crore cumulative by 2038 Pending - In the FY24 Annual Report, ONGC stated intent to invest ₹1 lakh crore by 2030 and cumulatively ₹2 lakh crores by 2038 in energy transition projects, in pursuit of net-zero by 2038. Our record holds no cumulative energy transition investment figure against the ₹1 lakh crore / ₹2 lakh crore targets.
13. Green energy 10 GW by 2030 with ₹100,000 crore capex On track - At the Q4 FY23 PPT, management set a green energy goal of 10 GW by 2030 with capex ₹100,000 crore, via 5 GW in Rajasthan (MoU signed), 5 GW being scouted and offshore wind; the FY26 Annual Report reiterates a 10 GW renewable energy ambition by 2030, superseding the FY21 Annual Report target of 10 GW by 2040. The renewable portfolio reached 2.853 GW as on 31 March 2026, with a 300 MW ISTS-connected solar project awarded last year and a 250 MW wind project awarded in June 2026, while Ayana Renewables (50:50 JV between OGL and NTPC Green) commissioned 839 MW to reach 3 GW operating capacity.
14. Green ammonia plant with Greenko - 1 MMTPA capacity Pending - At the Q4 FY23 PPT, management announced an MoU with Greenko ZeroC Pvt Ltd to jointly establish a green ammonia plant with 1 MMTPA capacity. Our record holds no further disclosure on the plant's progress or completion.
15. EOR efforts yielding 26 MMT by 2040 Pending - At the Q4 FY23 PPT, management stated EOR efforts would yield 26 MMT by 2040. Mehsana Asset's EOR scheme was expected to deliver early realisation of 110 TPD of incremental oil over 27 months; our record holds no cumulative EOR production read against the 26 MMT target.
16. Short-term production growth - 18.2% O+OEG growth in three years Missed - At the Q4 FY22 PPT, management's Short Term Action Plan envisaged 18.2% growth in O+OEG production in the next three years, projections excluding JVs. FY22 O+OEG production was 43.387 MMTOE, FY23 42.836 MMTOE, FY24 41.80 MMTOE and FY25 41.08 MMTOE - production declined each year, with no growth toward the 18.2% target.
17. 20 major projects - ₹59,000 cr investment, 85.5 MMTOE lifecycle gain Pending - At the Q4 FY22 PPT, management listed 20 major projects (> ₹100 Crore) under implementation - 14 development and 6 infrastructure - at \~₹59,000 Cr investment with envisaged lifecycle gain of 85.5 MMTOE; the Q4 FY23 PPT restated the portfolio at ₹69,400 crore capex with 136 MMToE gain, while the FY21 Annual Report had listed 15 major projects at ₹60,501.5 crore with gain of more than 110 MMTOE. FY22 saw 2 major projects completed worth ₹3,807 Cr and 6 approved worth ₹5,740 Cr; FY23 saw 5 completed at ₹8,600 crore with envisaged gain of 8.75 MMToE and 3 approved at ₹5,880 crore; our record holds no final read on the full portfolio's lifecycle gain.
18. New basins on production map within 3-4 years from FY22 Missed - At the Q4 FY22 PPT, management stated focus on "bringing more basins on production map of India in next 3-4 years", reiterated at the Q4 FY23 PPT. The 3-4 year window lapsed with FY26 (ended March 2026); sources record Vindhyan Basin established as a new basin through Hatta#3 in FY22, but no basin brought onto the production map in the interim.
19. HPCL Visakh Refinery Modernization completion during FY22 Partial - In the FY21 Annual Report, management stated HPCL's Visakh Refinery Modernization Project and Mumbai Refinery expansion Project were in advance stages, progressing towards completion during the financial year 2021-22. The Visakha Refinery Modernization Project was dedicated to the Nation by the PM in March 2024, with the refinery operating at enhanced capacity of 13.7 MMTPA; HPCL Visakhapatnam refinery capacity stood at 15.0 MMTPA as of FY26.
20. Myanmar A1 & A3 - maintain 500 MMSCFD contracted quantity till 2026/early 2027 Pending - In the FY23 Annual Report, management stated the Myanmar A1 & A3 project is expected to maintain production of contracted quantity of 500 MMSCFD till 2026 or early 2027. Phase II Development was completed in Aug 2022 with production started from additional 7 wells, and FY23 average JV gas production was \~15 MMSCMD; our record holds no FY26/early FY27 production read against the 500 MMSCFD contracted quantity.