Oil and Pure Gasoline Corp (ONGC) — a Maharatna central public sector enterprise (CPSE) — expects crude oil to hover across the $65 per barrel mark going ahead, its chairman Arun Kumar Singh stated on the PSU’s thirty second Annual Basic Assembly (AGM) this week.
ONGC is conserving a detailed watch on the worldwide state of affairs, and although it appears unlikely that the present state of affairs will final very lengthy, it’s ready for any growth, stated Singh on Friday.
‘ONGC at all times open to purchasing abroad property’
“We’re at all times open to purchasing abroad property, supplied the value is true and the danger is decrease, since there are fewer patrons on the planet,” he stated on the AGM.
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His remarks come at a time when Brent crude — the worldwide benchmark for oil charges — has broadly moved inside the $58-83 a barrel band up to now this 12 months, with elements reminiscent of elevated manufacturing by prime producers, slowing world demand, geopolitical tensions and dealer tariff-related uncertainty influencing the charges.
Analysts have feared a world provide glut with prime producers’ grouping OPEC+ elevating its output in sharp distinction to its voluntary cuts initiated in 2023.
The ONGC inventory rose 0.2 per cent to finish at Rs 233.8 apiece on BSE after the information.
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The ONGC chairman additionally stated that the corporate is evaluating the thought of a crude buying and selling unit. “As of at present, we aren’t prepared, however we’re contemplating it,” he stated.
He additionally stated the corporate just isn’t very eager on abroad exploration however will transfer forward if it comes throughout growing or under-development property.
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No official restriction on Russian oil buy: ONGC
Talking on India’s oil purchases from Russia amid criticism from the US, Singh identified that there’s at present no official restriction on it.
So long as there are not any directives from the federal government, ONGC is able to purchase, he stated.
In a presentation to buyers, ONGC talked about an increase in crude oil manufacturing on account of the monetisation of its KG 98/2 venture.
The corporate has staged a pattern reversal when it comes to standalone crude oil manufacturing, closing FY25 with a rise of round 1 per cent in output.
The corporate stated it has 21 “main” initiatives underneath implementation (9 growth and 12 infra initiatives), with an funding of Rs 66,175 crore.
ONGC considers initiatives price greater than Rs 100 crore as main.
The ONGC inventory has declined 1.5 per cent up to now in 2025, underperforming a 2.9 per cent rise within the Nifty 50 index.
