India's largest producer: Mumbai High (mature), KG Basin deepwater (KG-98/2 ramping), Assam/Cambay onshore; overseas via ONGC Videsh (Sakhalin-1, Vankor, Brazil, Mozambique); majority owner of HPCL (refining) and MRPL.
State-controlled (~58%) with regulated domestic gas prices; declining legacy fields are being offset by KG deepwater. Flags: state control, price regulation, and reserve-replacement on mature assets.
Its EV/EBITDA of 4.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 17.4% is higher than the 6.5% median, and at $10.21/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, ONGC scores 56/100, strongest on valuation (72/100). Sub-scores: value 72, quality 49, growth 58, risk 60 (higher = riskier).
ONGC holds approximately 5.68 billion boe of proved (1P) reserves with FY2025 production of about 930 thousand boe/d (52% liquids), a reserve life of roughly 16.7 years. Break-even: ~$10 (lifting cost (note)) — Low lifting cost; domestic gas price capped/regulated; KG-DWN-98/2 deepwater ramping.
For ONGC, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| India | 85% | 56 | Regulatory complexity, pricing controls, import dependence. |
| Russia | 8% | 92 | Sanctions, expropriation, export bans, war; effectively uninvestable. |
| Other overseas | 7% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Mumbai High | India | Offshore oil | mature flagship, declining |
| KG-DWN-98/2 | India | Deepwater oil/gas | Krishna-Godavari ramp |
| Assam / Cambay onshore | India | Onshore oil/gas | legacy |
| Sakhalin-1 (OVL) | Russia | Oil | overseas via ONGC Videsh |
| Vankor (OVL) | Russia | Oil | stake |
| HPCL | India | Downstream | majority-owned refiner |
| Mozambique LNG (OVL) | Mozambique | LNG | stake |
| Daman / Western offshore | India | Gas | offshore gas |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 1250 | 1230 | 1200 | 1180 | 930 |
| Proved reserves (bnboe) | 5.40 | 5.30 | 5.20 | 5.10 | 5.68 |
| Revenue ($bn) | 10.0 | 16.0 | 18.0 | 16.0 | 77.5 |
| EBITDA ($bn) | 6.0 | 9.0 | 10.0 | 9.0 | 13.1 |
| Net income ($bn) | 2.0 | 5.3 | 4.2 | 4.8 | 4.8 |
| Free cash flow ($bn) | 3.0 | 4.0 | 2.0 | 3.0 | 6.9 |
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✓ FY2025 figures verified against primary sources:
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