ONGC Prepares for $60-90 Oil Prices Amid Global Energy Crisis

Oil and Natural Gas Corp (ONGC) is confident that it can withstand fluctuations in oil prices, Chairman Arun Kumar Singh said. The company's diversified business portfolio, which includes exploration and production, downstream operations, and renewable energy, helps it offset gains or losses linked to crude prices.

According to Singh, ONGC can manage a wide range of oil prices, from $60-90 per barrel. He stated that the company is prepared for both low and high gas prices at the group level. Exploration and production accounts for about 60% of the company's profit, while other business segments account for the balance.

ONGC owns controlling stakes in Hindustan Petroleum and Mangalore Refinery and Petrochemicals. Despite the current global energy crisis, Singh said that the company does not need to change its medium-term strategy amid rising oil prices. He noted that on an energy equivalence basis, oil and gas would be the cheapest.

The chairman also discussed ONGC's plans for renewable energy, which is expected to contribute about 30% of the company's portfolio over the next 7-10 years. The company currently has approximately 2.5 GW of renewable energy capacity and aims to expand it to 10 GW by 2030.