ONGC Prepares for Stable Operations Amid Steady Oil Prices

Oil and Natural Gas Corporation (ONGC) has projected global crude oil prices to remain stable between USD 60 and USD 65 per barrel amid ongoing market conditions. During a press briefing on Monday, the company emphasized aligning its operations and financial planning to this forecast, indicating no significant price drops.

ONGC is implementing cost-cutting measures to stabilize and grow in the stated price environment. Ajay Singh, Chief of Corporate Planning, mentioned that despite price fluctuations, the company aims to maintain profitability by enhancing production capabilities and efficiency with international partners. Discussions with BP to achieve a target of 19 million tonnes are underway, underscoring efforts towards capacity expansion and technological collaboration.

Highlighting ongoing projects, Singh pointed to enhancements in field developments like the Mumbai High field. These initiatives are part of ONGC's strategy for long-term sustainability without workforce layoffs, as the company seeks to fund exploration and production projects through internal resources rather than external capital. Director of Production, Pankaj Kumar, confirmed no government relief requests were made, reinforcing the company's self-reliance and operational discipline.