Oil and Natural Gas Corporation Ltd

Key discovery

• Gas discovery MN-DW18-1-H-D in Mahanadi Deepwater; TD 1,623 m.
• Gas interval 1,441-1,452 m; 43 km off Konark coast.
• First well in Mahanadi Basin under Samudra Manthan; spudded 25 July 2026.
• Flowing gas with encouraging reservoir pressure for last 3 days; potential monetisation subject to appraisal.
• Development could use shared facilities under PNG Rules, 2025.

Appointment details

• Type of change: Appointment of Director (Production).
• Name and designation: Shri Bhaskar Chowdary Nettem, Director (Production).
• Effective date and tenure: 21.09.2026 to 30.09.2029 or until further orders.
• Reason: Appointment.

Profile and qualifications

• Profile: 30+ years in ONGC; offshore/onshore operations and leadership.
• Education: Mechanical Engineer; MBA in International Business (2006).

Other disclosures

• Relationships with other directors: None disclosed.
• SEBI/debarred status: Not debarred by SEBI or other authorities.

Director appointment

• Type: Appointment as Director (Production) of ONGC.
• Shri Bhaskar Chowdary Nettem appointed Director (Production).
• Effective date: 21.09.2026; term until 30.09.2029 or earlier.
• Profile: Mechanical Engineer; 30+ years in ONGC; offshore/onshore ops; JV leadership.
• Key roles: Led Mangala JV; Barmer-Bhogat pipeline; Mumbai High; Assam asset.
• Not debarred by SEBI or any authority.
• No related party relationships with other directors.
• Chairman of IGGL, North East gas grid JV.

ESG Rating Update

• ESG Rating Report received from Crisil ESG Ratings; company did not engage or finalize it.
• Crisil scores: ESG 57 and Core ESG 65; rating considered low relative to decarbonization efforts.
• Company discloses Scope 3 emissions and target to reach net-zero Scope 1&2 by 2038.
• Environmental score reported at 44/100, below industry average despite decarbonization disclosures.
• Factual error on Independent Directors’ attendance; actual attendance near 100% with one leave of absence.

ESG Rating Update

• Crisil ESG Ratings issued an ESG Rating Report for ONGC, which the company did not commission or finalize.
• Crisil ESG Score 57 and Core ESG 65; ratings low vs decarbonization and governance disclosures.
• ONGC has disclosed Scope 3 emissions and targets net-zero Scope 1 & 2 by 2038.
• No engagement or finalisation with ONGC for the report.
• Report notes attendance error; ONGC asserts 100% independent director attendance except one BLC leave.
• The company states this is for information and record.

Cost auditors appointed

• Board approves cost auditors for 2026-27: Chandra Wadhwa & Co.; Ramanath Iyer & Co.; R Nanabhoy & Co.

ESG Rating Intimation

• ONGC received an ESGRisk.ai rating report; it did not engage the agency or finalise the report.
• Overall ESG score 44 is low and not commensurate with decarbonization efforts and governance disclosures.
• Annexure A contains the ESGRating report; filing is for information and record only.
• No impact on current operations or governance actions disclosed.

Auditors for FY2026-27

• C&AG appointed Statutory Auditors for FY2026-27: TR Chadha & Co LLP.
• PKF Sridhar & Santhanam LLP appointed.
• Suri & Co appointed.
• A R & Co appointed.