Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) is reportedly planning to focus on small and marginal fields and seeking a higher retention price of at least $65 a barrel for crude oil produced from these. Moreover, the company intends to raise output from small and marginal fields, deepwater blocks and intensive or enhanced oil recovery from old fields.

Recently, new petroleum minister Dharmendra Pradhan had asked ONGC to increase production from its 165 small and marginal fields, to pull up the country’s overall production. However, around 90 of these fields are yet to start production.

ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.