New Delhi [India], October 13 : Oil and Natural Gas Corporation (ONGC) on Monday said it expects global crude oil prices to stay between USD 60 and USD 65 per barrel in the current market situation. The company stated that it is preparing for a steady phase of operations in a USD 60-per-barrel environment and does not anticipate any major decline in prices below this level.
Speaking at a press conference held by ONGC's senior management on Monday, officials said the company is aligning its operations and financial planning with this price outlook.
"We are expecting crude oil prices to remain in the range of USD 60-USD 65 per barrel in the current scenario," the management stated, adding that ONGC is actively working on cost optimisation measures to ensure stability and growth even in this environment.
Ajay Singh, Chief of Corporate Planning at ONGC, stated that the company is focusing on maintaining profitability despite fluctuations in prices. Singh explained that ONGC is working closely with international partners to strengthen production capabilities and efficiency. The company is also in discussions with BP to achieve a production target of 19 million tonnes, reflecting a strong push towards expanding capacity and technological collaboration.
He highlighted that ONGC's efforts include improving field development projects such as the Mumbai High field, which remains central to India's domestic production. Singh noted that cost-saving initiatives, including optimising port operations and logistics, are being implemented to support long-term sustainability. The company, however, confirmed it does not plan to cut jobs and will rely on internal resource generation rather than seeking external capital to fund exploration and production (E&P) projects.
Pankaj Kumar, Director (Production) at ONGC, added that the company is not seeking government relief despite the low price environment. "We have not sought any tax-related relief. The government is already supporting the E&P sector in other ways," Kumar said. His remarks underlined ONGC's self-reliant approach to navigating market challenges through internal efficiencies and operational discipline.
The company reiterated that it does not foresee the need to approach the market to raise funds for its exploration and production projects. Instead, ONGC aims to sustain investments through its own revenue streams while continuing to modernise operations and improve production efficiency.
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