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 (EOR) investment, deepwater gas developments and acquisitions. Internationally, resource capture in Russia and the Middle East has helped raise output and build strategic alliances. However, its approach to organic international exploration has lacked both focus and scale, and has seen ONGC lose ground to its Chinese peers. International exploration has yet to deliver material discoveries and growth has typically relied on acquisitions. The company’s international portfolio is thinly spread, yet the company continues to have the financial strength to take advantage of the M&A market, as both Majors and Large Caps high-grade portfolios.