Oil and Natural Gas Corporation (ONGC)

In January 2026, Oil and Natural Gas Corporation Limited (ONGC) and Reliance Industries Limited (Reliance) have signed a landmark agreement to facilitate resource sharing for deepwater offshore exploration and production (E&P) activities on India’s east coast, particularly in the Krishna Godavari Basin and the Andaman Offshore Basin. The agreement represents a significant step towards optimising costs, accelerating project execution, and improving asset utilisation in complex deepwater developments.

In January 2026 during India Energy Week 2026, ONGC and GAIL signed a Memorandum of Understanding to enhance upstream collaboration, whilst GAIL advanced its LNG shipping and gas infrastructure capabilities.

In January 2026, Oil and Natural Gas Corporation Limited (ONGC), via its joint ventures with M/s Mitsui O.S.K. Lines Limited (MOL) of Japan, has signed Ship Building Contracts (SBCs) with M/s Samsung Heavy Industries of South Korea for two advanced Very Large Ethane Carriers (VLECs).

ONGC and Oil India have signed a Joint Operating Agreement for three exploration blocks across Meghalaya, Gujarat, and the Mahanadi Basin, covering 10,964 sq. km, to boost India’s hydrocarbon potential and energy security.

ONGC, Reliance, and BP have signed a Joint Operating Agreement to explore Block GS-OSHP-2022/2 in the Saurashtra Basin, strengthening India’s offshore energy security.

Oil and Natural Gas Corporation (ONGC) inked a Memorandum of Understanding (MoU) with NTPC Green Energy Limited (NGEL) to realize its Renewable energy objectives towards energy transition on September 27, 2023. The MoU will primarily explore the feasibility and setting up of Renewable Energy Projects in various domains.

In September 2023, ONGC inked the Crude Oil Sales Agreement (COSA) with Mangalore Refinery and Petrochemicals Limited (MRPL) which is the largest single-location PSU refinery in the country.

ONGC has aligned itself with India's ambitious goals and is wholeheartedly contributing to the nation's aim to curtail carbon emissions by one billion tonne and simultaneously reduce carbon intensity by 45% by 2030.

ONGC has moved up an impressive 32 places to claim the 158th spot in the 2023 edition of the prestigious Fortune Global 500 rankings.

ONGC has entered into a term contract with Bharat Petroleum Corporation Limited (BPCL) for the sale of crude oil from the Mumbai region, cementing the strong partnership between the two esteemed companies.

Oil and Natural Gas Corporation Limited (ONGC) contributed Rs. 100 crore (US$ 12.2 million) to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) on March 31, 2023.

ONGC Videsh Limited signed a Memorandum of Understanding (MoU) on February 7, 2023, with Yacimientos Petroliferos Fiscales, Sociedad Anonima (YPF SA), Argentina on the sidelines of the maiden India Energy Week 2023, held in Bangalore. The MoU seeks to enhance cooperation between the two companies in the energy sector, including but not limited to cooperation in the areas of exploration and development of upstream oil and gas opportunities, promoting investment and cooperation, and forge closer ties between research and training centres.

The iconic offshore drilling Rig of ONGC ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) on December 23, 2022. Sagar Samrat MOPU will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic meters per day and is expected to add 6,000 bbls/day of oil to ONGC’s production in the coming days.

In November 2022, Prime Minister Mr. Narendra Modi dedicated the country's U-field Onshore facilities of the KG-DWN-98/2 Deep Water Block, located in Odalarevu, Andhra Pradesh's Dr. B R Ambedkar Konaseema district, to the country.

In May 2022, ONGC announced plans to invest Rs. 31,000 crore (US$ 3.97 billion) between FY22-25 to increase exploration efforts.

In February 2022, India’s state-owned Oil & Natural Gas Corporation (ONGC) unveiled a new oil and gas discovery in the prolific Mumbai basin off the country’s west coast.

In August 2021, the government introduced ‘Ujjwal Abahan’, a ONGC-supported Assam handloom project, to support and train artisans of hathkharga handicraft.

In July 2021, ONGC committed procurement of >Rs. 30,000 crore (US$ 4.04 billion) to ease business procedures to encourage local ventures and contribute to the ‘Aatmanirbhar Bharat’ initiative.

In March 2021, Oil and Natural Gas Corporation Limited (ONGC) signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) to acquire 5% equity in IGX.

In February 2021, the ONGC approved formation of a new wholly owned subsidiary company for gas and liquefied natural gas business value chain. The ONGC may use the new subsidiary to purchase new gas produced from fields such as KG-D5 in the Krishna Godavari basin.

ONGC won the ‘Golden Peacock Environment Management Award’ for the second consecutive year

ONGC and NTPC signed MoU (memorandum of understanding) to set up JV for renewable energy business

ONGC Videsh made two new oil discoveries in Colombia and Brazil

ONGC adopted Energy Strategy 2040

Completed acquisition of 51.11% stake in Hindustan Petroleum Corporation Limited (HPCL)

Completed acquisition of Videocon Group's 10% stake in Rovuma Area I Block in Mozambique offshore

Initiated Coal Bed Methane production

Government of India divests 10 per cent stake

Acquisition of Mangalore Refineries Petrochemicals Ltd from Birla Group

Government of India divests 2 per cent stake

GAIL formed out of ONGC

Discovered Mumbai High

Dug its first offshore well

Creation of ONGC Videsh

Oil discovery in Assam

Oil discovery in Gujarat

First oil discovery in Cambay

Inception of ONGC