ONGC: Exploration Revival Meets Transition Hesitancy
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 agend...