New Delhi: State-run Oil and Natural Gas Corporation Limited (ONGC) has delivered a strong performance for the financial year 2024–25, with significant milestones in production, exploration, renewables, and global expansion. The Maharatna PSU is now preparing to diversify further into crude oil trading and nuclear energy as part of its long-term strategy.
Reversing Output Decline and Breaking Drilling Records
ONGC achieved a crucial turnaround in its core hydrocarbon business. After years of declining crude output, the company managed to reverse the trend in FY’25 while also slowing the drop in natural gas production.
During the year, the company made nine hydrocarbon discoveries, including four in Open Acreage Licensing Policy (OALP) blocks, and drilled a record 578 wells — the highest in its history.
Strong Financials Amid Expanding Operations
For FY’25, ONGC reported impressive financials:
- Standalone Revenue: ₹1,37,846 crore
- Standalone Profit After Tax (PAT): ₹35,610 crore
- Consolidated Revenue from Operations: ₹6,63,262 crore
- Consolidated PAT: ₹38,329 crore
The company’s contributions to the government also remained substantial, with ₹69,263 crore paid to the Centre and States, bringing ONGC’s cumulative contribution to over ₹13.35 lakh crore as of March 31, 2025.
Green Push: 2.3 GW Renewables Portfolio and Targeting 10 GW by 2030
ONGC made rapid progress in the clean energy sector. Through its subsidiary ONGC Green Ltd., it acquired:
- 288 MW of wind assets from PTC Energy
- 4.1 GW renewable capacity in JV with NTPC Green (from Ayana Renewables)
These acquisitions have helped the company build a 2.3 GW green energy portfolio, with plans to scale it up to 10 GW by 2030. ONGC is targeting Net Zero (Scope 1 & 2) emissions by 2038.
Exploration Milestones: Andaman and Ganga Basins in Focus
ONGC’s exploration front saw the launch of its ultra-deepwater drilling campaign in the Andaman Basin and first-ever wildcat drilling in the Ganga Basin. The company added 38.19 million metric tonnes of oil equivalent (MMToE) of 1P reserves during the year.
Global Expansion via ONGC Videsh
The overseas arm, ONGC Videsh Ltd. (OVL), now has operations in 19 countries, with cumulative production reaching 215 MMToE. Key updates include:
- Secured license extensions in Myanmar and South Sudan
- Actively exploring new acquisition opportunities in global markets
- Downstream Record: HPCL and MRPL Hit New Highs
- ONGC’s downstream subsidiaries also registered record performances:
- HPCL: Highest-ever refining throughput at 25.27 MMT; expanded retail network to 23,000+ outlets
- MRPL: Highest throughput ever at 18.04 MMT
Capex Surge and Major Projects Pipeline
ONGC spent over ₹62,000 crore in FY’25, including equity infusion in OPaL and renewable energy acquisitions. It is currently executing 21 major projects worth ₹66,175 crore, expected to yield 77.5 MMToE over their lifecycle.
Strategic Outlook: Trading and Nuclear Energy on the Radar
Chairman & CEO Arun Kumar Singh outlined ONGC’s next phase of growth:
“We are evaluating a proposal to set up a crude oil trading unit. It’s still in the planning stage, but there’s a strong case considering our volumes. We expect to finalize this within the next two months.”
Singh also confirmed that ONGC is considering a foray into nuclear energy, although this will depend on viability assessments and legislative clearance.
Monitoring Global Trends and Open to Foreign Acquisitions
On global energy uncertainties, Singh stated:
“We are monitoring developments closely and are prepared for any situation. We remain open to acquiring foreign assets at affordable rates.”
Regarding Russian oil imports, Singh emphasized that no restrictions currently apply:
“We will continue purchasing oil from Russia unless advised otherwise by the government.”
Conclusion: ONGC Gears Up for a Future Beyond Fossil Fuels
With a combination of solid financials, aggressive expansion in renewables, global outreach, and future plans in trading and nuclear energy, ONGC is poised to transform itself into an integrated energy powerhouse — firmly rooted in hydrocarbons but geared for a decarbonized future.
Read also: ONGC Videsh Ltd Signs 2025-26 MoU with ONGC to Boost Global Oil & Gas Exploration – Know More
About ONGC
Oil and Natural Gas Corporation (ONGC), headquartered in New Delhi, is India’s largest crude oil and natural gas producer. Established in 1956, it plays a critical role in meeting the nation’s energy needs while driving technological advancement, sustainability, and innovation in the hydrocarbon sector.
