On April 25, 2026, the Board of Directors of Oil and Natural Gas Corporation (ONGC) convened a meeting to deliberate on key strategic appointments and corporate expansions. The meeting, which lasted nearly three hours, resulted in the approval of a new Chief Financial Officer and the formation of a significant marketing joint venture. These decisions are aimed at strengthening the company’s leadership and integrating its petrochemical marketing operations for improved synergy and cost efficiency.

The Board has officially approved the appointment of Shri Yogish Nayak S. as the Chief Financial Officer (CFO) and Key Managerial Personnel of the Company, effective May 1, 2026. Shri Nayak is a Chartered Accountant with over 30 years of professional experience in corporate finance within the oil industry, having previously served as the CFO of Mangalore Refineries and Petrochemicals Ltd (MRPL). Additionally, the Board approved the proposal to form an “Integrated Petrochemicals Marketing & Trading JVC” in partnership with its subsidiaries, MRPL and OPaL, with a shareholding ratio of 50:25:25 respectively. ONGC will contribute ₹25 crore towards the equity share capital of this new venture, which is designed to optimize logistics and production of specialty grades while opening opportunities for third-party sales.

Oil and Natural Gas Corporation (ONGC) is India’s largest crude oil and natural gas company, contributing approximately 71% to the country’s domestic production. As a Maharatna Public Sector Enterprise, it is vertically integrated across the entire oil and gas value chain, managing exploration and production in 26 sedimentary basins within India. In early 2026, the company announced plans to initiate a ₹3,200 crore stratigraphic drilling campaign to explore untapped offshore basins. Furthermore, ONGC is making significant strides in its green energy transition, targeting 10 GW of renewable capacity by 2030 and aiming for net-zero Scope 1 and 2 emissions by 2038.

For the third quarter ended December 31, 2025 (Q3 FY26), ONGC reported a consolidated gross revenue of ₹1,67,423 crore, remaining relatively flat compared to the ₹1,67,213 crore recorded in the corresponding quarter of the previous year. However, the consolidated net profit saw a significant surge of 23%, reaching ₹11,946 crore against ₹9,747 crore in Q3 FY25. This growth was primarily driven by higher gas realizations and production stability. As of March 2026, the Government of India remains the primary promoter with a 58.89% stake, while Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) hold approximately 11.62% and 7.98% respectively. Notable institutional investors include the Life Insurance Corporation of India (LIC), which historically maintains a significant position in the company.