Overview

• India’s ONGC now guides for crude to average $60–$65 per barrel over the next two to three years, aligning plans to a lower-price outlook.
• A dedicated cost council is driving a 15% reduction in production costs, targeting roughly Rs 9,000 crore in annual savings by 2026–27 after about Rs 4,000 crore this fiscal.
• Phase 1 of the Mumbai High redevelopment carries a $400 million commitment with BP as technical service provider, with the field reorganised into six hubs and about 100 new wells targeted in FY28–FY29.
• Talks with four international firms are underway to form a centralized oil and products trading joint venture expected by year-end, with the venture aiming for up to 90 million tonnes of annual trade and about $1 billion in profits within two to three years.
• Executives ruled out layoffs and said ONGC will fund expansion and efficiency programs from internal resources, while advancing KG 98/2 work and seeking technical input to lift output.