New Delhi: Oil and Natural Gas Corporation (ONGC) on Friday said it is aiming to double its hydrocarbon reserves by 2032 and achieve 10 gigawatt (GW) of renewable energy capacity by 2030 as part of its long-term energy transition plan.
Speaking at the company’s post-Annual General Meeting (AGM) media interaction, Chairman and CEO Arun Kumar Singh said ONGC has drawn up a roadmap for net zero emissions for Scope 1 and Scope 2 by 2038, with an investment outlay of about ₹1,00,000 crore through a combination of organic and inorganic growth.
The company said it has already achieved a turnaround in production, registering a 1 per cent growth in standalone crude oil output in FY25, while the decline rate of gas production also slowed during the year. ONGC made nine discoveries in FY25, including seven prospects and two pool discoveries, with four in Open Acreage Licensing Policy (OALP) blocks, and drilled the highest-ever 578 wells compared to 544 wells in FY24.
On the financial front, ONGC reported revenue from operations of ₹6,63,262 crore in FY25. Consolidated total income stood at ₹6,75,656 crore in FY25, up from ₹6,65,201 crore in FY24, while profit after tax declined from ₹55,273 crore in the previous year to ₹38,329 crore. The company’s total equity rose to ₹3,74,235 crore while EBITDA stood at ₹1,02,290 crore and total debt was at ₹1,53,556 crore.
The company said it is implementing 21 major projects, including nine development and 12 infrastructure projects, with a total planned investment of ₹66,175 crore and an envisaged lifecycle gain of 77.517 million tonnes of oil and oil-equivalent gas. Key projects include the KG-DWN-98/2 Cluster-II, Daman Upside, and Development of DSF-II.
In the renewable sector, ONGC Green Limited has completed the acquisition of 288.8 MW of wind assets of PTC Energy Ltd and 4.1 GW of solar and wind assets of Ayana Renewable Power Pvt Ltd in FY25 through its joint venture with NTPC Green Energy Ltd, taking the company’s total renewable energy portfolio to 2.338 GW.
The company said that with India’s growing energy demand, its strategy will focus on exploration in new basins, expanding renewable energy, and developing a future-ready portfolio aligned with national climate goals.
