ONGC sees rare output recovery, bets on partnerships
By Newscript News Network
August 21,2025
After nearly a decade of decline, Oil & Natural Gas Corporation (ONGC) reported a 0.9% rise in standalone crude oil output in FY25, marking its first annual production growth since 2015. Despite the uptick, ONGC’s total output has slipped from 22.53 MMT in FY21 to 20.89 MMT in FY25.
To arrest the decline, ONGC has signed a framework with BP to provide technology services for the Mumbai High revitalisation, one of India’s most mature fields. “Technology partnerships are critical if ONGC is to maintain India’s upstream security,” said an energy analyst at CLSA, which recently raised its target price for ONGC to ₹360, citing eastern offshore ramp-ups and possible removal of the windfall tax.
Exploration is also intensifying, with 578 w...