Indian state-owned Oil and Natural Gas Corporation (ONGC) has recently approved its business roadmap entitled “ONGC Energy Strategy 2040”, which aims to double its oil and gas output, to triple its refining capacity and to diversify into renewables by 2040.
In the 2018/2019 fiscal year, ONGC extracted 34 Mt of crude oil and over 30 bcm of natural gas; 29% of its oil and 16% of its gas production came from fields located outside India. To double its oil and gas output by 2040, the group will focus on difficult plays (high-pressure high temperature, ultra-deepwater) and will ramp up production in host countries reinforcing a positive government-to-government relationship with India. With 35 Mt/year of oil refining capacity through two joint ventures (HPCL and MRPL), ONGC is targeting to raise its capacity to around 90-100 Mt/year by 2040.
ONGC will also invest in renewables targeting to create a 5-10 GW portfolio focused on offshore wind power.