New Delhi: In a significant senior management restructuring, India’s state-owned energy major Oil and Natural Gas Corporation Limited (ONGC) has appointed Mr. Anupam Agarwal as its new Chief Financial Officer (CFO), effective immediately. The decision was approved during the company’s Board of Directors meeting held on June 25, 2026.
Agarwal, who currently serves as Director (Finance), will take over the CFO responsibilities from outgoing CFO Mr. Yogish Nayak S. The Board also approved the designation of Mr. Satyan Kumar, Director (Strategy & Corporate Affairs), as Key Managerial Personnel (KMP), strengthening the company’s top governance structure.
Experienced Finance Veteran Takes Charge
Anupam Agarwal brings over 35 years of experience in financial and commercial management, primarily in the oil and gas sector. His elevation to CFO marks a continuation of his long association with Oil and Natural Gas Corporation Limited (ONGC), where he began his career in 1990 as a Finance & Accounts Officer.
He has served in multiple key locations including Baroda, Dehradun, Jorhat, Mumbai, and Delhi, gaining extensive exposure to both operational and corporate finance functions.
Academic and Professional Credentials
Agarwal holds a strong academic and professional background, including:
- Fellow Member of the Institute of Cost Accountants of India
- Associate Member of the Institute of Company Secretaries of India
- Chartered Financial Analyst (CFA) from ICFAI, Hyderabad
- Bachelor’s degree in Commerce and MBA in Finance from Lucknow University
His multi-disciplinary expertise has been a key factor in his rise within the organisation.
Key Achievements and Leadership Experience
International Financial Leadership
Before becoming CFO, Agarwal served as Director (Finance) at ONGC Videsh Limited since June 2022. He also chaired ONGC Overseas Investment Limited (OOIL) and was part of ONGC Videsh B.V., Amsterdam.
During this period, he played a critical role in mobilising over USD 3 billion through international financing arrangements.
Strategic Financial Initiatives
Some of his notable contributions include:
- Establishing OOIL’s Global Treasury Centre at GIFT City
- Strengthening international treasury operations
- Leading corporate finance, taxation, and investor relations functions
- Supporting strategic project appraisals including NELP and DSF block bidding
Awards and Recognition
Agarwal’s contributions have been recognised with major industry honours, including:
- ASSOCHAM Best CFO Gold Award 2025 for Excellence in Finance Transformation & Innovation
- CMA Outstanding Performer Award 2024
Strengthening Governance Framework
Alongside the CFO appointment, Oil and Natural Gas Corporation Limited (ONGC) has also expanded its governance structure by naming Satyan Kumar as Key Managerial Personnel (KMP). This move reflects the company’s focus on aligning financial leadership with its broader strategic and corporate affairs functions.
According to official filings submitted to the National Stock Exchange (NSE) and BSE Limited, both appointments have been approved with immediate effect. The company confirmed that there are no inter-se relationships between the newly appointed executives and existing board members.
Strategic Outlook for ONGC
The leadership changes come at a crucial time when India’s energy sector is navigating global oil market volatility and accelerating energy transition goals. As CFO, Anupam Agarwal will be responsible for strengthening financial strategy, maintaining capital discipline, and enhancing treasury operations to support long-term value creation.
About Oil and Natural Gas Corporation Limited (ONGC)
Oil and Natural Gas Corporation Limited (ONGC) is India’s largest crude oil and natural gas producer and a leading public sector enterprise in the energy sector. The company plays a key role in exploration, production, and development of hydrocarbon resources, contributing significantly to India’s energy security and economic growth.
