ONGC Raises Long-Run Oil Price Expectation Amidst Hornuz Crisis

Oil and Natural Gas Corporation (ONGC) has revised its long-run oil price expectation to above $75 per barrel from an earlier consensus of around $65.

This revision is directly linked to the Hormuz crisis, which has introduced a new security layer that will impact oil prices in the long run, according to Anupam Agarwal, Director (Finance) at ONGC.

With this revised expectation, many fields previously considered unviable are now viable for development, and ONGC plans to invest in these areas to ensure energy security for the country.