Press Release

Oil and Natural Gas Corporation Limited

October 09, 2024

Facilities/Instruments Amount (₹ crore) Ratings1 Rating Action

Long-term bank facilities 4,500.00 CARE AAA; Stable Reaffirmed
Long-term / Short-term bank 24,500.00 CARE AAA; Stable / CARE
Reaffirmed
facilities (Reduced from 24,750.00) A1+
6,000.00
Short-term bank facilities CARE A1+ Reaffirmed
(Enhanced from 5,750.00)
Non-convertible debentures 7,500.00 CARE AAA; Stable Reaffirmed
Commercial paper 10,000.00 CARE A1+ Reaffirmed
Details of instruments/facilities in Annexure-1.

Rationale and key rating drivers

The ratings assigned to the bank facilities and instruments of Oil and Natural Gas Corporation Limited (ONGC) continue to consider
its majority ownership by the Government of India (GoI) and the company’s strategic importance to the GoI, as it plays a key role
in the energy security for the country. Ratings further derive comfort from ONGC’s dominant position, its experienced and
professional management, and a long track record in the domestic Exploration and Production (E&P) industry.
Ratings continue to be supported by its sound and resilient profitability margin, backed by robust E&P infrastructure and proven
technical capabilities with a presence across the hydrocarbon value chain, and the company’s comfortable financial risk profile,
marked by low overall gearing ratio, and healthy debt protection metrics. Ratings also factor in commitment of sizeable fund
infusion in one of its erstwhile joint venture (JV) company, ONGC Petro additions Ltd (OPaL), which has now become its subsidiary,
and may lead to temporary moderation in the liquidity position from high level in FY24.
However, ratings remain susceptible to the inherent risk related to the E&P business, regulatory risks, geopolitical risk for overseas
operations, and the large capital expenditure (capex) requirements to replace reserves.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors: Not applicable

Negative factors
• Reduction in the shareholding of the GoI below 51%.
• Higher-than-expected debt-funded capex or acquisition, resulting in a consolidated overall gearing beyond 1.0x.
• Sustained decrease in the reserve replacement ratio below 1.0x.

Analytical approach: Consolidated

The consolidated financials of ONGC have been considered with notching based on parentage of the GoI and strategic importance
of the company for GoI. The list of companies considered in the consolidation is placed at Annexure-6.
Furthermore, the debt of ONGC’s JV company, OPaL, and Mangalore SEZ Limited has also been considered in the analysis,
whereby, ONGC has extended its letter of comfort (LoC) and undertaking for the non-convertible debenture (NCD) as well as
compulsorily convertible debenture (CCD) issued to OPAL while providing sponsorship support undertaking for the term debt in
Mangalore SEZ Limited.

Outlook: Stable
CARE Ratings Limited (CARE Ratings) believes that ONGC would continue to maintain its dominant position in the domestic E&P
industry and maintaining its comfortable financial risk profile. Moreover, it shall continue to remain strategically important to the
GoI.

Detailed description of key rating drivers

Key strengths
Strong parentage and strategic importance to GOI
ONGC, a Maharatna public sector undertaking (PSU), was set up by the GoI in 1956 to plan, promote, and implement programmes
for the development of petroleum resources and the production and sale of petroleum and petroleum products. ONGC has

1
Complete definition of the ratings assigned are available at [Link] and other CARE Ratings Ltd.’s publications

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 Press Release

significant sovereign ownership, with the GoI holding 58.89% stake in the company as on June 30, 2024. ONGC continues to be
of high strategic importance for the GoI, as it is the largest oil and gas company of India present across the hydrocarbon value
chain, and accordingly, has a crucial role in the implementation of policies of the GoI in India’s oil and gas sector. ONGC’s
importance to the GoI is further supported considering the significant taxes and dividends paid by it to the exchequer.

Experienced management
ONGC is managed by an experienced management team. Arun Kumar Singh, the Chairman of ONGC, has over 37 years of
experience in the oil and gas industry in India and abroad. Before assuming the charge as Chairman at ONGC, he was the
Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL; rated ‘CARE AAA; Stable/CARE A1+’). Om
Prakash Singh, Director-Technology & Field Services, is a mechanical engineer with more than 34 years of experience; he has
built a deep industry understanding and has a proven management experience across the technical and commercial roles which
he undertook in his career. Pankaj Kumar, Director- Production has extensive 35-year of experience in the oil & gas sector
encompassing multifaceted expertise in Operations Management, Well Engineering, Joint Venture Management, Corporate
Strategy, and Asset Management. Sushma Rawat, Director-Exploration, is a postgraduate in geology, with more than 33 years of
industry experience. Manish Patil, Director- Human Resources has over 30 years’ experience in operations & supplies, information
systems, and HR management services.

Dominant market position backed by large crude oil reserves

India’s largest oil and gas E&P company – ONGC, has had a dominant position historically and continues to maintain its position
even after the New Exploration and Licensing Policy (NELP), and thereafter, the Hydrocarbon Exploration and Licensing Policy
(HELP), which increased private participation in the oil and gas sector of the country. The company has a share of nearly 63% in
India’s total production of crude oil and natural gas (including share of JVs). It is also a significant producer of value-added
products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO) naphtha, ethane, propane, and C2/C3 among others.
The company has the largest proven reserves in India, discovered in the last six decades since its inception. The large reserves
base provides the company an abundant and stable long-term source of hydrocarbons for crude oil and natural gas production.
In FY24, the company added 45.20 million metric tonne oil equivalent (MMTOE) reserves (2P) on a standalone basis. The
company’s 2P reserves as on March 31, 2024, stood at around 704 MMTOE on a standalone basis and at around 717 MMTOE on
a consolidated basis. Thus, the company had a reserve replacement ratio (RRR) of 1.15x in FY24, which has remained at/above
unity for the 18th consecutive year, reflecting ONGC’s strong exploratory capability and healthy long-term revenue visibility.
The company has explored 19 of the country’s 26 sedimentary basins for its hydrocarbon potential, having established eight
producing basins up to date. It has 1.87 lakh square kilometres (sq. km) of acreage as on April 01, 2024, and has plans to increase
it to 3 lakh sq. km by 2025. The company plans to increase it to 5 lakh sq. km by 2026. ONGC commenced its first oil production
from KG-DWN 98/2 block in the Krishna Godavari Basin in January 2024 and the said block is expected to increase ONGC’s total
production level, going forward.

Robust infrastructure and proven technical capabilities

The oil and gas industry is capital-intensive industry, which requires significant time and funds to develop a sound infrastructure.
With its long track record of operations, ONGC has been able to develop a robust infrastructure, providing it an advantage over
newer players in the industry who entered the industry through NELP and HELP. The company has developed significant onshore
and offshore production facilities, subsea and land pipelines, gas processing, drilling and work-over rigs, storage facilities, well
stimulation units, automated hydraulic workover rigs, and other infrastructure throughout the principal oil and gas producing
regions of India.
In FY24, ONGC drilled a total of 544 wells. During the year, 103 exploratory wells were drilled (PY: 85), of which 68 wells were
concluded and 35 wells are yet to be tested, and from the concluded wells, 28 wells proved to be hydrocarbon bearing. Besides,
28 wells of the previous years were concluded, of which 13 wells proved to be hydrocarbon bearing.

Presence across the hydrocarbon value chain

With its six direct subsidiaries, six JVs, and three associates, ONGC is present across the hydrocarbon value chain with operations
in refining, petrochemicals, power, and liquefied natural gas (LNG), in addition to its E&P activities. The company has forward
integrated into downstream refining and marketing operations in India through successive acquisitions of Mangalore Refinery and
Petrochemicals Ltd (MRPL; rated ‘CARE AAA; Stable/CARE A1+’) and Hindustan Petroleum Corporation Limited (HPCL). Around
80% of the revenue of ONGC (consolidated) is from the refining and marketing segment in FY24 (PY: 78%).

Sizeable scale of operations and resilient profitability margins

The company’s consolidated total operating income (TOI) reduced by around 6% y-o-y in FY24 owing to lower market prices of
both oil and gas. However, the operating profitability increased by around 476 bps y-o-y, mainly due to the higher margin in
Mangalore Refinery and Petrochemicals Limited and Hindustan Petroleum Corporation Limited.

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In Q1FY25, ONGC, on a consolidated basis, reported a moderation in operating profitability at around 13% considering lower
profitability in subsidiaries HPCL and MRPL given reduction in product cracks, especially for diesel and a lower discount on Russian
crude, which led to lower Gross Refining Margins and discount of ₹2/litre on retail pricing announced in March 2024 impacting
the marketing margins.
Going forward, CARE Ratings expects profitability to remain healthy with slight moderation from highs of FY24 considering
expected normalisation of GRM and discount of ₹2/litre on retail pricing announced in March 2024, which could be offset due to
decline in crude oil process.

Liquidity: Strong
ONGC’s liquidity remained strong, with a free cash and bank balance of around ₹36,608 crore as on March 31, 2024, and
investment in bonds of GoI of ₹5,380 crore. ONGC has been utilising its fund-based limits of around ₹10,250 crore sparingly. The
company has envisaged to earn healthy cash accruals of around ₹70,000-75,000 crore annually against the scheduled term debt
repayments of around ₹20,000-22,000 crore in FY25 and FY26.
As a part of sustainable capital restructuring of OPaL, ONGC is in the process of investing ₹18,365 crore in OPaL, which includes
conversion of share warrants (with balance call payment), conversion of debentures and fresh equity infusion of ₹10,501 crore.
This will lead to temporary moderation in the liquidity position from the high level, but still remain healthy.
ONGC also derives financial flexibility from its low gearing ratio and the parentage of GoI, apart from its dominant market position,
which provides it easy access to funds at attractive rates, which aids the funding of its large capex.

Key weaknesses
Risk related to E&P business and volatile crude oil prices
In addition to a highly capital-intensive activity, the E&P business has a long gestation period. The exploration activity involves
high uncertainty with respect to the estimation of reserves, as it is a function of the quality of the available data engineering and
geological interpretation.
The company is also exposed to commodity price risk. Although ONGC as a group is an integrated player in the oil and gas
industry, decrease in the crude oil prices may hamper the company’s profitability, as it derives majority of its own revenue from
the sale of crude oil and natural gas. The international crude oil price is a function of dynamic markets and fundamental factors,
such as the global demand-supply dynamics, geo-political stability in countries with oil reserves, the Organization of the Petroleum
Exporting Countries (OPEC) policies, foreign exchange rates, among other prices of crude and policy level changes. Going forward,
operating margins are expected to remain range bound due to the introduction of windfall tax on crude oil by the GoI.

Geopolitical risk associated with international venture

ONGC is exposed to the geopolitical risk owing to its subsidiary, ONGC Videsh Limited (OVL; rated ‘CARE AAA; Stable/CARE A1+’).
OVL undertakes exploration and production activities mainly in the Commonwealth of Independent States (CIS) and countries in
the Middle East and North Africa (MENA) region. OVL has 32 projects in 15 countries and ONGC’s investments in OVL are prone
to changes in the policy regime, and fiscal law changes, among others, since some countries have a history of unstable regimes.
Unstable government or unfavourable policies, such as resource nationalisation, adds to the geopolitical risks in the host countries.

Large capex requirements

In past couple of years ended FY24, the average capex of ONGC (standalone) per annum has been between ₹30,000-35,000
crore. In FY24 company incurred capex of around ₹37,500 crore, with about 30% expenditure on development drilling, about
17% expenditure on exploration drilling, about 40% expenditure on capital projects, and the balance about 10% on surveys,
research and development (R&D), integration, and JVs. CARE Ratings expects the same trend to continue in the ensuing years.
The large capex requirements and long gestation periods of E&P projects have a bearing on the company’s return indicators,
although it has a sound financial position to fund its capex requirements.

Regulatory risk
The GoI’s policy and decisions with respect to natural gas pricing (APM mechanism), subsidy sharing, windfall taxes, duties, cess,
and dividend payments have a significant bearing on ONGC’s profitability, cash flows, and liquidity position. In elevated prices of
crude, the GoI may choose to pass on the fiscal burden via the sharing of profits of PSUs through higher fiscal levies and higher
dividend declaration for oil marketing companies (OMCs), which may impact the income and accruals of ONGC. As seen in the
recent past (starting July 2022), the GoI has been imposing the Special Additional Excise Duty (SAED) on the production of crude
oil, and export of motor spirit (MS), high speed diesel (HSD) and aviation turbine fuel (ATF), which underscores the susceptibility
of the financial risk profiles of companies such as ONGC to government interventions. However, such tax incidences are likely to
be self-correcting in nature if the product margins normalise.

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Environment, social and governance (ESG) risk assessment

Risk factors Compliance and action by the company

Environmental • The company undertakes regular greenhouse gas (GHG) inventory accounting and disclosures
on Scope-1 and Scope-2 emissions. Further it targets to achieve Net Zero Scope 1 and Scope 2
emissions by 2038.
• The company has implemented 15 clean development mechanism (CDM) projects, registered
with the United Nations Framework Convention on Climate Change (UNFCCC). ONGC till date is
able to reduce approximately 22.05 MMTCO2e.
• ONGC’s operations, including crude oil extraction, natural gas exploration and production
activities are highly water-intensive. The company has significantly invested in sustainable water
management practices in the last decade to effectively recycle and reuse treated water. In FY24,
ONGC recycled/ reused 30.67% of wastewater, while its subsidiaries/ JVs namely, MRPL, OVL,
OPaL, and OTPC recycled/ reused 68.60%, 78.24%, 78.59%, and 27.98% of wastewater,
respectively.
• ONGC is also a signatory of the Oil and Gas Decarbonization Charter (OGDC) at COP-28. By
signing OGDC, ONGC has committed to initiate steps to achieve Net Zero operations by 2050 at
the latest, and ending routine flaring by 2030, and Near Zero upstream methane emissions.
Social • Community engagement – The company has been implementing corporate social responsibility
(CSR) projects in 26 work centres to assess and provide for the needs of the community around
its operational areas.
• An allocation of ₹20.00 crore is made every year under the Annual Component Plan. Of this,
₹6.00 crore is allocated to work centres for taking up welfare activities for local communities in
operational areas. The balance ₹14.00 crore is managed centrally and is earmarked for taking
up welfare initiatives (education, training, community development, medical and healthcare) for
the welfare of areas/persons belonging to SC/ST communities.
• CSR spend in FY24 was at ₹634.00 crore as against obligation of ₹604.19 crore with group CSR
at ₹751.00 crore for FY24.
Governance • In compliance with Section 177(8) of the Companies Act, 2013 & Regulation 18 of the Securities
and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and DPE Guidelines on Corporate Governance, 2010, the details regarding
the audit committee are provided in the Corporate Governance Report, which forms part of the
Annual Report. There was no instance in FY24 when the board had not accepted
recommendation of the Audit Committee.
• The company has established a whistleblower policy/vigil mechanism, a dedicated vigilance
department headed by the CVO, who holds the rank of a functional director and reports to the
CVC, GoI, to report genuine concerns about ethical behaviour, actual or suspected fraud,
violation of the Code of Conduct, and instances of leak of unpublished price sensitive
information. There was no whistle-blower complaints received by the company during the year.

Applicable criteria
Definition of Default
Liquidity Analysis of Non-financial sector entities
Rating Outlook and Rating Watch
Manufacturing Companies
Financial Ratios – Non financial Sector
Short Term Instruments
Consolidation
Factoring linkages-Government support

About the company and industry

Industry classification
Macroeconomic Indicator Sector Industry Basic Industry
Energy Oil, gas & consumable fuels Oil Oil exploration & production

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ONGC is a Maharatna PSU, with the GoI holding 58.89% stake in the company as on March 31, 2024. ONGC is India’s largest E&P
player and is present across the hydrocarbon value chain. ONGC's’ domestic production, including its share of production in fields
operated through JVs, represented nearly 68% of India’s total production of crude oil and natural gas. It is also a significant
producer of value-added products such as LPG, SKO, naphtha, and C2/C3. The company undertakes E&P activities in 15 countries,
such as Azerbaijan, Myanmar, Vietnam, Iran, Iraq, Syria, the UAE, Libya, Mozambique and South Sudan, among others, through
its wholly owned subsidiary, OVL. Also, it has integrated downstream activities in India with two subsidiaries, MRPL and HPCL
with a combined capacity of over a 39.50 million metric tonne per annum (MMTPA) refinery and an extensive network of over
20,000 retail outlets. The company is currently the top lube marketer and the second-largest marketer in LPG sales in India. The
presence in refining and marketing segment helps ONGC limit the volatility of earnings. Besides, the transportation of petroleum
products is being catered through Petronet MHB Ltd (PMHBL), which owns and operates a multi-product petroleum pipeline to
transport MRPL’s refinery products to parts of Karnataka.

Brief Financials- Consolidated (₹ crore) FY23^ (A) FY24 (A) Q1FY25 (UA)
Total operating income 684,366 642,647 166,577
PBILDT 77,379 103,265 21,795
PAT 34,046 57,101 10,236
Overall gearing (times) 0.49 0.44 NA
PBILDT Interest coverage (times) 9.81 10.13 8.43
A: Audited UA: Unaudited, NA: Not available; Financials are reclassified as per CARE Ratings’ standards.
Note: ‘the above results are latest financial results available’

^The company has capitalized costs incurred on Ocean Bottom Node (OBN) Seismic Surveys from April 2018 to December 2023, initially charged
to revenue. Thereby, FY23 financials have been restated retrospectively owing to change in accounting treatment (for OBN seismic survey).

Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

Rating history for last three years: Please refer to Annexure-2

Covenants of rated instruments/facilities: Please refer Annexure-3

Complexity level of various instruments rated: Annexure-4

Lender details: Annexure-5

Annexure-1: Details of instruments/facilities

Date of Rating
Maturity Size of the
Name of the Issuance Coupon Assigned
ISIN Date (DD- Issue
Instrument (DD-MM- Rate (%) and Rating
MM-YYYY) (₹ crore)
YYYY) Outlook
Commercial Paper-
Commercial Paper - NA NA NA 10000.00 CARE A1+
(Standalone) *
Debentures-Non
CARE AAA;
Convertible - NA Not yet placed NA 7500.00
Stable
Debentures
Fund-based - LT- CARE AAA;
- - - 4500.00
Cash Credit Stable

Fund-based - ST-
- - 30-11-2024 6000.00 CARE A1+
Term loan
CARE AAA;
LT/ST Fund-
- - - 10440.00 Stable / CARE
based/Non-fund-
A1+

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based-
CC/WCDL/OD/LC/BG

CARE AAA;
Non-fund-based-
- - - 14060.00 Stable / CARE
LT/ST
A1+
* No CP outstanding as on Sept. 30, 2024

Annexure-2: Rating history for last three years

Current Ratings Rating History

Date(s) Date(s) Date(s) Date(s)

Name of the
and and and and
Sr. No. Instrument/Bank Amount
Rating(s) Rating(s) Rating(s) Rating(s)
Facilities Type Outstanding Rating
assigned assigned assigned assigned
(₹ crore)
in 2024- in 2023- in 2022- in 2021-
2025 2024 2023 2022
1)CARE
AAA;
Stable
(14-Dec- 1)CARE
23) AAA;
Stable
1)CARE 2)CARE 1)CARE (31-Dec-
CARE AAA; AAA; AAA; 21)
Fund-based - LT-
1 LT 4500.00 AAA; Stable Stable Stable
Cash Credit
Stable (04-Apr- (07-Sep- (28-Jul- 2)CARE
24) 23) 22) AAA;
Stable
3)CARE (29-Jul-
AAA; 21)
Stable
(07-Apr-
23)
1)CARE
AAA;
Stable /
CARE A1+
1)CARE
(14-Dec-
AAA;
23)
Stable /
CARE A1+
1)CARE 2)CARE 1)CARE
CARE (31-Dec-
AAA; AAA; AAA;
AAA; 21)
Non-fund-based- Stable / Stable / Stable /
2 LT/ST 14060.00 Stable /
LT/ST CARE A1+ CARE A1+ CARE A1+
CARE 2)CARE
(04-Apr- (07-Sep- (28-Jul-
A1+ AAA;
24) 23) 22)
Stable /
CARE A1+
3)CARE
(29-Jul-
AAA;
21)
Stable /
CARE A1+
(07-Apr-
23)
Fund-based - ST- CARE 1)CARE 1)CARE 1)CARE 1)CARE
3 ST 6000.00
Term loan A1+ A1+ A1+ A1+ A1+

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Press Release

(04-Apr- (14-Dec- (28-Jul- (31-Dec-

24) 23) 22) 21)

2)CARE 2)CARE
A1+ A1+
(07-Sep- (29-Jul-
23) 21)

3)CARE
A1+
(07-Apr-
23)
1)CARE
A1+
(14-Dec-
23)

1)CARE 2)CARE 1)CARE 1)CARE

Commercial Paper-
CARE A1+ A1+ A1+ A1+
4 Commercial Paper ST 10000.00
A1+ (04-Apr- (07-Sep- (28-Jul- (29-Jul-
(Standalone)
24) 23) 22) 21)

3)CARE
A1+
(07-Apr-
23)
1)CARE
AAA;
Stable /
CARE A1+
1)CARE
(14-Dec-
AAA;
23)
Stable /
CARE A1+
1)CARE 2)CARE 1)CARE
CARE (31-Dec-
LT/ST Fund- AAA; AAA; AAA;
AAA; 21)
based/Non-fund- Stable / Stable / Stable /
5 LT/ST 10440.00 Stable /
based- CARE A1+ CARE A1+ CARE A1+
CARE 2)CARE
CC/WCDL/OD/LC/BG (04-Apr- (07-Sep- (28-Jul-
A1+ AAA;
24) 23) 22)
Stable /
CARE A1+
3)CARE
(29-Jul-
AAA;
21)
Stable /
CARE A1+
(07-Apr-
23)
1)CARE
AAA;
1)CARE Stable 1)CARE 1)CARE
Debentures-Non CARE AAA; (14-Dec- AAA; AAA;
6 Convertible LT 7500.00 AAA; Stable 23) Stable Stable
Debentures Stable (04-Apr- (28-Jul- (29-Jul-
24) 2)CARE 22) 21)
AAA;
Stable

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(07-Sep-
23)

3)CARE
AAA;
Stable
(07-Apr-
23)
LT: Long term; ST: Short term; LT/ST: Long term/Short term

Annexure-3: Detailed explanation of covenants of rated instruments/facilities- Not Applicable

Annexure-4: Complexity level of instruments rated

Sr. No. Name of the Instrument Complexity Level
1 Commercial Paper-Commercial Paper (Standalone) Simple
2 Debentures-Non Convertible Debentures Simple
3 Fund-based - LT-Cash Credit Simple
4 Fund-based - ST-Term loan Simple
5 LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BG Simple
6 Non-fund-based-LT/ST Simple

Annexure-5: Lender details

To view the lender wise details of bank facilities please click here

Annexure-6: List of entities consolidated as on March 31, 2024

Name of the Company Extent of consolidation Rationale for consolidation
ONGC Videsh Ltd Full Subsidiary
Mangalore Refinery and Petrochemicals Ltd Full Subsidiary
Hindustan Petroleum Corporation Ltd Full Subsidiary
Petronet MHB Ltd Full Subsidiary
ONGC Green Energy Ltd Full Subsidiary
ONGC Start Up Fund Trust Full Subsidiary
ONGC Tripura Power Company Ltd Proportionate Joint venture
Dahej SEZ Ltd Proportionate Joint venture
ONGC TERI Biotech Ltd Proportionate Joint venture
ONGC Petro additions Ltd Proportionate Joint venture
Mangalore SEZ Ltd Proportionate Joint venture
Indradhanush Gas Grid Ltd Proportionate Joint venture
Pawan Hans Helicopters Ltd Proportionate Associate
Rohini Heliport Ltd Proportionate Associate
Petronet LNG Ltd Proportionate Associate
Petronet LNG Ltd (PLL) has been classified as an associate since ONGC has a significant influence on PLL.
Petronet MHB Ltd. has been classified as a subsidiary as the company holds 49.99% ownership interest and its subsidiary HPCL holds 49.99%
ownership interest.
As on Sept 12, 2024, ONGC holds 91.16% equity shares in ONGC Petro additions Ltd

Note on complexity levels of rated instruments: CARE Ratings has classified instruments rated by it based on complexity.
Investors/market intermediaries/regulators or others are welcome to write to care@[Link] for clarifications.

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