ONGC’s vision is to transform itself into a world-class, fully integrated multinational company. The company has struggled in recent years with the challenges of growing a portfolio dominated by mature domestic, legacy assets. Its approach to international expansion has lacked both focus and scale, and has seen ONGC lose ground to its Chinese peers. International exploration has yet to deliver material commercial discoveries and growth has typically relied on acquisitions. Despite the lower oil price, ONGC continues to pursue growth options. In contrast to many of its peers, the company has maintained spending and is seeking new international growth opportunities in the M&A market.