Company Report

ONGC oil and gas exploration summary



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Report summary

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.

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    ONGC oil and gas exploration summary

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Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration strategy
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
  • Production
    • Growth of deepwater India
    • Sudan as the development value driver
    • International exploration has disappointed

Tables and charts

This report includes 23 images and tables including:


  • Ten year performance summary
  • Top 40 discoveries (2007 to 2016)
  • Full-cycle economics
  • SWOT Grid
  • Gross conventional exploration & appraisal by basin and sector


  • Basins drilled and major discoveries 2007-2016
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Volumes discovered by country - excluding India
  • Volumes discovered by basin - excluding India
  • Production from new field discoveries, organic unconventionals and as a proportion of all future production
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year
  • Costs and development value by resource category

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