Overview
- ONGC told analysts on June 21 that gas now slightly exceeds oil in its portfolio and the company now describes itself as a 'gas-and-oil' producer.
- Chairman Arun Kumar Singh said the company expects natural gas output to grow about 7–8% a year as new fields such as DUDP, DSF and 98/2 and other wells come on stream.
- 'New well gas' already supplies roughly 25% of ONGC's gas output and the company said this share could rise to about 30–36% in the near term as mature fields decline.
- ONGC reported a reserve replacement ratio above 1.1 for FY25‑26 while drilling roughly 500 wells a year and is spending about ₹33,000 crore on offshore projects alongside a technical service partnership with BP.
- The company flagged overseas timelines and risks, saying Mozambique LNG could progress toward 2028 while Sakhalin output is stable and Venezuela recovery depends on regulatory changes, and it plans to expand petrochemicals and renewables through OPaL and ONGC Green.