ONGC has bucked the industry trend of reduced investment as oil prices collapsed, choosing instead to pursue growth. The domestic profile has been upheld by continued Enhanced Oil Recovery investment, deepwater gas developments and acquisitions. It is important for ONGC to maintain a balanced strategy of resource replacement, and this includes exploration and appraisal. But in common with most of the upstream sector, ONGC has struggled to create positive value from its exploration effort. ONGC had hopes pinned on the emerging Indian deepwater sector, where focus was on the Krishna - Godavari Basin. However, success here has been mixed and we expect an increasing focus on onshore and shallow water prospects. Internationally, ONGC is also looking to de-prioritise deepwater exploration due to the high associated costs and challenges. Instead, its focus will be fast-tracking lower-cost onshore and shelf exploration in Vietnam, Bangladesh, Myanmar and Colombia.