State-run Oil and Natural Gas Corporation (ONGC) is repositioning itself as a “gas-and-oil” company as natural gas production grows faster than crude oil, company leadership says. ONGC Chairman and CEO Arun Kumar Singh tells analysts that gas production has already surpassed crude oil in the company’s portfolio, with gas now slightly higher than oil. He adds that ONGC expects crude oil output to remain broadly stable unless major new discoveries are made, while natural gas output is projected to expand as new fields and wells come on stream.
Singh links the shift to a combination of operational and market factors, including ongoing development of deepwater and newly discovered assets and commissioning of offshore wells in the coming years. He also cites regulatory changes and pricing reforms that improve the economics for upstream gas production, including “new well gas” prices tied to crude benchmarks. Company statements also point to rising domestic gas demand across sectors such as power, industry, and transport, reinforcing the move toward a gas-heavy production mix. ONGC is investing in offshore projects and enhanced recovery from mature fields to sustain output, while it continues to develop international assets and expand into non-fossil energy initiatives.
