ONGC expects oil plus gas production of 39 MMTOE this fiscal, 40 MMTOE next year
ONGC expects its oil and gas production to reach 39 million metric tonnes this fiscal year, with further growth projected for the following year. The company plans to prioritize deepwater exploration, viewing it as more viable given the current $75 per barrel price environment.
Why it matters
Increased domestic production and strategic exploration are vital for India's energy security amid global supply chain tensions.
Oil and Natural Gas Corporation (ONGC) expects cumulative oil plus gas production to scale 39 million metric tonnes (MMT) in the ongoing fiscal and 40 MMT in FY 2028, Anupam Agarwal, Director (Finance) at the state-owned explorer told analysts in a post-results call on Tuesday (August 4, 2026).
“Last year, our oil plus gas standalone production was in the range of 38.87 million metric tonnes of oil equivalent (MMTOE). This year we expect to reach about 39 MMT this year. The upside will come mainly from gas,” he stated, adding separately, “Next year, another almost 1 MMTOE of oil and gas gain will be there in FY 2027-28.”
Responding to a query, Mr. Agarwal stated that with oil prices expected to hover at about $75 per barrel, pursuing deepwater exploration would be lucrative and in turn, further the country’s energy security in the backdrop of the post West Asia conflict.
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