By Special Correspondent
Newscript, August 18, 2025
Oil and Natural Gas Corporation has reasserted its exploration credentials, announcing discoveries in 20 blocks with estimated reserves of 75 million tonnes of oil equivalent. These finds, coupled with a joint operating agreement with Oil India for three OALP-IX blocks, suggest India’s upstream revival may finally be gaining traction.
Yet ONGC’s challenge is execution speed. Historically, the company has taken years—sometimes decades—to monetise discoveries, hampered by regulatory clearances and infrastructure gaps. Compared with Petrobras or ExxonMobil, ONGC’s development timelines remain sluggish, leaving India heavily reliant on imports despite new reserves.
Financially, ONGC remains robust, but its energy transition agenda is tentative. The board’s approval of a 0.6 GW renewable project is modest in scale compared with global peers. Equinor and TotalEnergies have already pivoted billions into offshore wind and solar, while Reliance has pledged $10 billion for clean energy. ONGC’s hesitancy risks leaving it branded as a late mover.
Still, the company cannot abandon fossil fuels overnight—its revenues underpin India’s energy security. Its dilemma is balancing its traditional role with the need to build a credible clean-energy identity. Analysts say ONGC must accelerate partnerships, particularly in offshore wind and hydrogen, if it is to remain globally competitive.
For now, ONGC is positioning itself as a cautious straddler: safeguarding fossil output while planting small stakes in renewables. Whether this dual strategy proves sustainable will determine its long-term relevance in India’s energy mix.