Can ONGC future-proof itself beyond oil?

For decades, Oil and Natural Gas Corporation (ONGC) has been India's flagship upstream oil producer-a profit-generating machine that met a sizable chunk of the country's hydrocarbon needs. But the energy world is shifting rapidly, and so is ONGC's playbook. Underneath its decades-old oil and gas empire, the company is quietly building a hedge against what it sees as an inevitable future: a world awash in oil but short on profits.

This article was originally published on April 05, 2025.