Oil & Natural Gas Corpn Ltd

Dear Shareholders,

On behalf of the Board of Directors of your Company, it is my pleasure to present the 32nd Annual Report of Oil And Natural Gas Corporation Limited (ONGC/ the Company) and its Audited Financial Statements for the year ended 31st March, 2025 (FY'25), together with the Auditors' Report and Comments on the Financial Statements by the Comptroller and Auditor General (CAG) of India.

The 2025 energy landscape brings both volatility and opportunity. The oil and gas sector showed resilience, with a focus on capital discipline, technological innovation, and mergers and acquisitions (M&A) to boost efficiency. The companies are turning uncertainty into advantage through smart capital use, digital innovation, and strategic repositioning.

The energy transition is not a threat but a chance to reinvent—top companies are future-proofing by diversifying and leveraging strengths. The oil market today is grappling with huge near-term and long-term uncertainties. In this climate, success hinges on ambition, execution, and vision. The question isn't if the industry will transform—but who will lead it. Your Company has been striving to enhance the value proposition for all stakeholders while maintaining the momentum of capital spending and project execution, sustaining production levels, and optimizing operational costs. By consolidating our efforts and continuing to grow sustainably, the Company can meet the country's expanding energy needs while creating value for stakeholders.

State of the Company's affair

Your Company, along with its group companies, has registered another year of robust performance and made substantial progress on most of the priority areas.

Highlights of production during FY'25 are as under:

• Crude oil production, including share of JV production, was 20.892 Million Metric Tonnes (MMT) during FY'25 against 21.139 MMT during FY'24.

• Natural gas production, including share of JV production, was at 20.190 Billion Cubic Metres (BCM) during FY'25 against 20.647 BCM during FY'24.

• Value Added Products (VAPs) production during FY'25 was 2.596 MMT against 2.519 MMT during FY'24.

Backed by an intensive and continuous exploration programme, your Company is continuously making efforts to expand its exploration acreages in Indian sedimentary basins and has acquired highest OALP acreages in OALP bid round IX. Your Company has six direct subsidiaries, namely ONGC Videsh Limited (OVL), Mangalore Refinery and Petrochemicals Limited (MRPL), Hindustan Petroleum Corporation Limited (HPCL), Petronet MHB Limited (PMHBL), ONGC Green Limited (OGL) and ONGC Petro additions Limited (OPaL).

Your Company also has eight Associates/ Joint Ventures, namely, ONGC Tripura Power Company Limited (OTPC), ONGC TERI

Biotech Limited (OTBL), Dahej SEZ Limited (DSL), Mangalore SEZ Limited (MSEZL), Indradhanush Gas Grid Limited (IGGL), Pawan Hans Limited (PHL), Petronet LNG Limited (PLL) and Rohini Heliport Limited (RHL).

1. Major Highlights of FY'25 i. Revenue from operations in FY'25 stood at Rs. 1,378,463 million against Rs. 1,384,021 million in FY'24. ii. Net profit in FY'25 was 356,103 million against 405,260 million during FY'24. iii. Your Company has notified 9 new hydrocarbon discoveries (7 New Prospects & 2 New Pool discoveries) in its operated acreages including 4 discoveries in OALP blocks, 2 discoveries in NELP and 3 discoveries in nomination blocks. iv. During the FY'25 eight hydrocarbon discoveries (Malleswaram-22, West Matar-2, KGD982NA-M-4, KG-DWN-98/2-A-2, KG-DWN-98/2-P-1, G-2-2, Thirunagari-1 and Yandapalli-1) including two discoveries notified during FY'25 were monetized. v. ONGC and BP have signed a contract under which BP will serve as the Technical Services Provider (TSP) to ONGC for production enhancement in Mumbai High field, - India's largest and most prolific offshore oil field. vi. ONGC, in partnership with Shell (BGEPIL) and Reliance Industries Ltd. successfully completed the decommissioning of the Tapti field facilities - country's first offshore facilities decommissioning. This marks a major milestone as one of India's largest offshore decommissioning projects, executed in alignment with global safety, environmental, and regulatory standards. vii. CBM Bokaro Asset commenced commercial sale of CBM gas from Bokaro GCS on 16th July 2024 through GAIL's Urja Ganga pipeline. viii. Under digital transformation initiative, Ahmedabad Asset brought live the ‘Urja Utkarsh Kaksh', a state-of-the-art Digital War Room housing the Digital Dashboard- SANJAI (Systematic, Analytics, Network of Jointly Managed Asset Information) encompassing data management, data visualization and data analytics capabilities. It is a comprehensive dashboard that facilitates seamless integration of discrete datasets pertaining to different domains and provides insightful analytics. ix. IDAS (Integrated Digital Analytics System) project completed in Mumbai High Asset on 30th October 2024. Under this project, an intelligent platform has been created for field monitoring and decision making for optimization of well and flow-line networks using advanced physics-based model. x. Exploratory efforts of your Company in category-I basins have yielded new hydrocarbon discoveries in Cambay Basin (PURN-1, Vadatal-37 and West Matar-2), Mumbai Offshore

(Neelmani, Chandramani and Suryamani), KG Onland (Yandapalli-1) and Cauvery Offshore (Chola-1). These discoveries reaffirm the untapped potential of established basins and reinforce the strategic value of sustained exploration efforts. xi. Renewed exploratory efforts in ultradeep waters of Cauvery OffshoreafterNELPregimehasledtosignificanthydrocarbon success in exploratory well Chola-1 (CYUD191H-CH-AA), drilled in OALP Block CY-UDWHP-2019/1. The achievement marks a significant milestone and underscores the hydrocarbon potential of the basin and opens up large area for further exploration in the ultra-deepwater areas. xii. New prospect discovery in well Ranaghat-2 in NELP block WB-ONN-2005/4 in Bengal Basin, highlights the persistent exploratory efforts to strengthen the hydrocarbon reserve base for upgradation of this category-III basin. xiii. Accelerated exploratory efforts in the OALP blocks in various Indian sedimentary basins where your Company has cumulatively drilled a total of 53 exploratory wells, which have resulted in 10 hydrocarbon discoveries namely Amrit, Moonga, Moti, Utkal, Konark, West Amod, Neelmani, Purnpura, Chola and Suryamani. xiv. During the year, your Company has made efforts to explore the potential of unconventional reservoirs (Basement plays) through drilling of 12 wells- Six in Cambay Basin, two in A&AA Basin and four in Western Offshore Basin. xv. During the year, a total 107 conventional exploratory wells (including 33 wells in PELs-30%) and 2 CBM assessment wells were drilled. Out of 107 exploratory wells, testing of 70 wells was concluded and 13 wells were under testing and 24 wells to be tested. Out of these, 27 wells proved to be hydrocarbon bearing. Besides testing of 38 wells drilled during previous years were concluded out of which 20 wells proved to be hydrocarbon bearing. xvi. Success ratio in exploratory drilling achieved considering total wells tested/concluded including those of previous year's wells was 1: 2.3 (43.5%) - (Total 108 wells concluded out of which 47 wells were proved to be hydrocarbon bearing). xvii. A total of 604 LKM of 2D and 8840 SKM of 3D seismic was acquired during FY'25. Out of this quantum, a total of 377 LKM 2D and 6141 SKM of 3D seismic data were acquired in Open Acreage Licensing Policy (OALP) blocks. xviii. Your Company made efforts for global outreach for deep & ultra-deepwater exploration by engaging with global majors like ExxonMobil, RIL-BP, Total Energies, PEPOV (Petronas), Petrobras, ENI, etc to explore opportunities for Farm-in and joint bidding of OALP blocks in risk and cost intensive frontier areas. xix. During FY'25, milestone efforts were made for upgrading category-II & III basins. Field Development Plan (FDP) of Hatta field in NELP block VN-ONN-2009/3 in Vindhyan Basin was approved by DGH- a first for a Proterozoic Basin. FDP of Asokenagar field in NELP block WB-ONN-2005/4 was approved by DGH- significant achievement for category-III basin. PML grant for Asokenagar field has been received from State govt. of West Bengal – first PML for category-III basin. xx. Fifteen contract areas were awarded to your Company under OALP Bid Round-IX covering an area of 82,560.26 Sq.Km. These awarded blocks include 3 Onland Blocks, 5 Shallow water blocks and 7 Ultra-deep water blocks spread across various basins. ONGC successfully bid for a block in consortium with an International Oil Company (IOC) for the first time in OALP-IX round. xxi. Your Company incurred Rs. 6,673.10 million on Research & Development activities in FY'25 against Rs. 6,866.84 million during FY'24. These initiatives resulted in improved operational efficiencies and cost optimization for your Company. xxii. During FY'25, 08 Patents and 06 Copyright were granted to your Company by the Intellectual Property India, Government of India. xxiii. ONGC registered highest-ever CSR expenditure of Rs. 9,290.82 Million in FY'25 including CSR expenditure of Rs. 932.80 Million in 45 Aspirational Districts. xxiv. ONGC has signed MoUs with reputed EPC firms like EIL & NBCC for taking up major Infrastructure projects on fast-track OBE basis. These partnerships will result in speedy implementation of Infrastructure projects like buildings etc. in a time bound manner, thereby minimising the chances of delay in implementation. xxv. ONGC is working on construction of state-of-the-art Convention Centre with a seating capacity of around 4800, with Exhibition Hall of 7800 sqm area and a new Management Development Facility at Advanced Training Institute, Goa. xxvi. The following green Initiatives were undertaken in FY'25, to capture SCOPE-III emissions:

1) As a first ever initiative, 65 Nos. of Electric Vehicles were deployed (23% of total fleet is now electric).

2) 193 Nos. of CNG vehicles were deployed, replacing Petrol and Diesel Operated Vehicles.

3) ~90% of the total fleet was EV and CNG fuelled. xxvii. Domestic Cruise Terminal (DCT) of Mumbai Port Authority was operationalized in January 2025, bringing a new era in crew change operations by Fast Crew Boat, offering unmatched safety, comfort and efficiency for ONGC & contract personnel traveling to offshore installations.

2. Global Recognitions

Your Company has been recognized at various national and international forums, list of Awards and Accolades is annexed as Annexure – A.

3. Details of discoveries

During the year, your Company has notified nine (9) new hydrocarbon discoveries (five on-land and four offshore) in its operated acreages.

Details of exploratory efforts made by your Company were as under:

Out of nine new discoveries made during the financial year, two discoveries viz. West Matar-2 and Yandapalli-1 were monetized in addition to 6 discoveries made during earlier years.

4. Reserve Accretion and Reserve Position

During FY'25, accreted 38.19 MMTOE of 1P reserves from ONGC operated areas in India. Reserve Replacement Ratio (RRR) from domestic fields was 1.01 with respect to 1P reserves. The 1P reserves position established as on 1st April 2025 by ONGC in its operated areas and in Non-Operated (JV Share) is as follows:

1#PRMS: Petroleum Resource Management System. ONGC adopted PRMS w.e.f. 1 April 2019.

5. Award of Blocks/New Acreages taken for Exploration

15 OALP Bocks covering total area of 82,560.26 Sq.km. were awarded to your Company under OALP bid round-IX. All the awarded OALP blocks are in exploratory phase. As on 1st April 2025, a total of 4,754.92 LKM of 2D seismic data and 32,204.11 SKM of 3D seismic data has been acquired and 53 exploratory wells have been drilled in OALP Blocks.

With these exploratory efforts, ONGC has notified 10 hydrocarbon discoveries including Amrit, Moonga, Moti, Neelmani & Suryamani in Mumbai Offshore (SW), Utkal & Konark in Mahanadi Offshore (DW), Chola in Cauvery Offshore (UDW) and West Amod & Purnpura in Cambay Onland.

6. EOR Proposals

Your Company has been consistently expanding its Enhanced Oil Recovery (EOR) portfolio. Under the Enhanced Recovery (ER) policy, fields of ONGC located in onshore and offshore areas were considered for screening. 33 ER Pilot/Preliminary Screening reports for Oil Fields had been submitted to the Directorate General Hydrocarbons (DGH) up to March 31, 2025. Out of which 17

ER Pilots have been approved (Phase-I), 3 schemes were not approved, 11 schemes are Under Approval (Phase-II) and 2 schemes have been notified to DGH.

7. Major Projects Completed

During the FY'25 following 6 major projects with an investment value of around Rs. 89,741.79 Million were completed:

* Total Project cost. ONGC PI: 80%

8. CAPEX

During the year, total capital expenditure of your Company including its subsidiaries was Rs. 833,953 Million (comprising ONGC - Rs. 620,573 Million, HPCL - Rs. 145,080 Million, OVL -

52,373 Million , MRPL - Rs. 11,562 Million, PMHBL-

87 Million and OPaL- 4,278 Million).

9. Drilling of Wells

• Your Company drilled 578 wells during FY'25 against 544 wells drilled during FY'24. 109 of these wells were exploratory wells, while the remaining 469 wells were development wells including side-track wells. The major highlights of Drilling operations during the year were as under:

• The overall exploratory and development cycle speed witnessed the attainment of the highest-ever cycle speed, reaching ~1115 M/RM, reflecting efficiency and operational excellence.

• In the deep-water campaign, 03 new discoveries were made during FY'25 with following details:

1. Rig DDKG-1 in Cauvery offshore at well CHOLA;

2. (Suryamani) by Rig Sagar Bhushan in WOB at well MBS202HAA#A; and

3. New pool discovery in Mukta formation by Rig Sagar Bhushan in WOB at well MBS202HAA#A

• Ultra-deep-water drilling campaign has been started in the Andaman basin at a water depth of 1870 metre in well ANEE

• Rig Sagar Bhushan has become the first ONGC owned vessel to comply with MODU 1989 code.

Well Services:

• Well services (WS) achieved the feat of servicing highest ever wells in a financial year through work over jobs (2,337 jobs) as against 2,110 Work Over Jobs (in FY'24) and at the same time it has achieved the highest ever work over efficiency (annual Work over Index of 30.24) for FY'25.

• Well services carried out 12,515 well stimulation jobs in FY'25.

• Well Services Mumbai achieved 2 MMSCMD gas gain by carrying out massive Sand Control campaign in Tapti- Daman Field which includes 10 jobs comprising of Frac-packs, High Rate water packs and Open Hole Gravel packs.

• Successfully established the new discoveries through testing of following

1. Neelmani : Gas 170119 m3/day thru 1/2 inch choke at FTHP 1245 PSI)

2. Chola : Gas 305385 m3/day , Condensate -117 BPD thru 1/2inch choke at FTHP -1626 PSI

3. Suryamani : Oil-2626 BOPD , Gas 50,565 m3/day through 36/64 inch choke at FTHP 1180 PSI.

4. Ranaghat#2: Gas _ 1.50 lakhs M3/day & Condensate _ 8.4 M3/day, thru 8mm bean _FTHP : 2600psi SCHP : 2700 psi.

• WS Eastern Offshore Asset (EOA), Commissioned Top Side & Subsea Production (SPS) Control System at FPSO and Oil wells of A-field & P-field were put on production w.e.f. 16th December 2024. Complete Oil System commissioned & all 13 Oil wells flowing.

• WS Mumbai executed Acid Fracs with PLA diverters for the first time in Mumbai High asset in 3 wells WO16A#9, 3Z and 8X, results in incremental cumulative production gain from these 3 wells to around 4500 BOPD.

10. Oil, Gas & VAP Production

Details of production and sales quantity product wise during FY'25 (inclusive of JV Share) in comparison of FY'24 were as under:

*Others include ATF, LSHS, HSD, Sulphur

11. Production from Overseas Assets - ONGC Videsh Ltd.

Your Company's overseas E&P operations are carried out through its wholly owned subsidiary, ONGC Videsh Limited (OVL), which conducts its operations either directly or through its subsidiaries. Production from the overseas assets during FY'25 was 10.278 MMTOE in comparison to 10.518 MMTOE during FY'24. Oil production during FY'25 increased to 7.265 MMT as compared to 7.178 MMT during FY'24 and Gas production during FY'25 was 3.013 BCM as compared to FY'24 production of 3.34 BCM. The moderate decline in gas production, due to end of field life of producing fields of Block 06.1 Vietnam, was partly offset by increase in oil production despite the geopolitical constraints in Russia and Venezuela. Operated/Jointly Operated assets of MECL & CPO-5, Colombia and GPOC & SPOC, South Sudan have significantly contributed to total oil production, contributing a YoY 16% increase and a jump of 38% in oil production from operated/jointly operated assets in last 3 years.

a. Extended Continental Shelf (ECS) Project: MoP&NG/ DGH has entrusted ONGC to carry out 15,500 LKM of offshore 2D seismic data Acquisition, Processing

& Interpretation (API) in Extended Continental Shelf (ECS) of India. Data acquisition work has been completed recently in March 2025, further activities for processing of acquired seismic data are in progress. b. Mission Anveshan: Under Govt. of India funded Mission Anveshan project, ONGC is entrusted for conducting the closed grid 2D seismic API for 10,875 LKM for comprehensive appraisal of Indian sedimentary basins in onland sector. The seismic data API is to be carried out in Chhattisgarh, Cuddapah, Krishna-Godavari, Deccan-Syneclise and Saurashtra Basins during FY'25 & FY'26. The data acquisition work is in progress.

c. Basement Exploration:

As a part of concerted exploration efforts for Basement Play, a total of 12 wells having basement as an objective were drilled, this includes Mansa-52, Ankleshwar-386, Padra-243, Padra-248, Padra-250 and Padra-252 in Cambay Basin, Kasomarigaon-12

& Khoraghat-50 in Assam Shelf and GSS191HAA-1, SD-17, BH-93 & BH-94 in Western Offshore. While testing of Basement section, well Padra-252 gave influx of oil and Padra-250, Padra-253 & BH-93 gave oil indications while Padra-248, Ankleshwar-386 & Kasomarigaon-12 flowed water and SD-17 gave no influx. In well Mansa-52, Khoraghat-50, GSS191HAA-1 & BH-94 basement objective was not tested.

d. HP-HT Exploration:

High pressure- High Temperature (HP-HT) and Tight reservoirs have been an exploration and development challenge for your Company. Your Company is striving hard in the field of HP-HT due to bore hole complications, fluid design, high-cost drilling technology including HP-HT cementing, well construction and other reservoir engineering issues. In ONGC operated areas, HP-HT regime is encountered in areas like Periyakudi, Bhuvanagiri in Cauvery Onland, Kottalanka, Nagyalanka, Bantumilli South and Malleswaram in KG Onland. Yanam in KG Shallow offshore, G-4-6, D-33 and GS-OSN-2004/1 in Western Offshore were also classified as HP-HT reservoirs. Additionally, high pressure regime is often encountered in certain areas of Assam Arakan Fold Belt.

a) Coal Bed Methane (CBM):

Your Company was awarded 9 blocks in CBM bidding rounds including nomination, out of which it has relinquished 5 blocks on the basis of data generated fromexploratoryeffortsandhasbeenoperating4blocks (Jharia, Bokaro and North Karanpura in Jharkhand and Raniganj in West Bengal) where exploration activities have been completed. Developmental activities are at an advanced stage in three of these blocks viz. Bokaro, Jharia and North Karanpura. Commercial gas sale commenced from Bokaro GCS in Bokaro block through GAIL's Urja Ganga pipeline on 16th July 2024. Also, gas sale from North Karanpura block started on 16th May 2025 by adopting ‘Gas ready for cascades' model. In the Special CBM Bid Round 2021, ONGC has been awarded two CBM Blocks i.e. BP-ONHP(CBM)-2021/2 in Rajmahal Coalfield of Jharkhand and SR-ONHP (CBM)-2021/5 in Sohagpur Coalfield of Madhya Pradesh. Statutory approvals for exploration in the Sohagpur block have been obtained. These blocks are in Phase-I of exploration stage.

During FY'25, two CBM Assessment wells RNAE_CBM and RNAF_CBM were drilled in Raniganj North CBM block with the objective to assess Barakar Coal Seams i.e. B-I to B-VIII. Both of the wells are to be hydro-fractured prior to completion.

b) Gas Hydrate Exploration Program

Your Company has been an active contributor to gas hydrate exploratory research under the National Gas Hydrate Program (NGHP) of Government of India. ONGC has played a significant role in G&G studies for the identification of sites for NGHP-01 and NGHP-02. During FY'25, for the first time prospective Bottom Simulating Reflectors (BSR) bearing areas spanning an area of 507 SKM have been identified in the back arc area of Andaman Deep water basin. Gas hydrate division successfully used its laser diffraction particle size analyser, a new technology for (i.e., Tornado technology) for the differentiation of Formation sand and proppant) in CBM wells for CBM Asset, ONGC.

c) Geothermal Energy

A comprehensive report on potential of Manuguru Geothermal field in Godavari Graben, Telangana, under the ambit of tripartite MoU between ONGC- Singareni Collieries Company Limited- Telangana Renewable Energy Development Corporation Ltd., has been submitted. The report highlights four geothermal high prospect zones which can be targeted for further exploration and subsequent development activities. Field reconnaissance survey and geo-chemical surveys in Tatapani area, Chattisgarh have recently been concluded. Processing of data is under progress in the Company.

14. Drilling Services

The Institute of Drilling Technology (IDT), Dehradun, continued to strengthen ONGC's position as a leader in drilling innovation and digital transformation during the year. Noteworthy milestones include the inauguration of cutting-edge infrastructure, successful technology pilots, and strategic digital upgrades aimed at enhancing well planning, training, and operational performance.

1. Launch of DrillSim 6000 and Digital Well Program (DWP)

On 13th November 2024, IDT marked a landmark achievement with the inauguration of the Full-Scale Drilling Simulator – DrillSim 6000 and the official rollout of the Digital Well Program (DWP).

• The DrillSim 6000 is a state-of-the-art fixed-type simulator with twin cyber chair controls, OEM-replica HMI interfaces, immersive 3D visual environments, and full downhole simulation. It enables comprehensive training on real-world drilling complications including stuck pipe, well control, jarring, lost circulation, and fishing operations. The simulator replicates operations of ONGC's DrillMech rig, generic Jack-Up, and floater rigs—significantly enhancing field readiness.

• The Digital Well Program (DWP) is a transformative initiative that digitizes and streamlines the entire well planning lifecycle. It addresses inefficiencies in the existing process through a unified platform that supports: o Single-point data entry o Automation of repetitive and manual tasks o Real-time engineering validations o Standardized, cross-functional well programs

DWP brings all well planning activities onto a centralized digital backbone, enhancing data integrity, reducing turnaround time, and improving efficiency in well design and execution.

2. Piloting of Innovative Technologies

Institute of Drilling Technology (IDT) of the Company also facilitated the trial and demonstration of emerging technologies in operational environments, many of which were inducted on a cost-free basis, reaffirming the institute's strategic focus on innovation without additional financial burden.

• Drilling Belief Analytics (DBA):

Implemented on a trial basis in three wells (two in Rajahmundry and one in Sibsagar), DBA is an edge-based analytics platform deployed at the rig site. It generates probabilistic alerts (beliefs) for potential drilling complications such as stuck pipe, stick-slip, abnormal formation pressures, and bit balling—enabling preventive decision-making at the rig floor level.

• Dog-Leg Reamer (DLR):

A trial of the Dog-Leg Reamer was conducted in well LKHH_Z of the Sibsagar Asset. This tool demonstrated effectiveness in smoothing the well trajectory by reducing dog-leg severity, contributing to better borehole quality and tool run reliability.

3. Autonomous Downhole Steering Demonstration

A significant milestone in automation was achieved on 11th March 2025, with the successful remote demonstration of autonomous downhole steering during the drilling of an exploratory well in Mehsana. This initiative, controlled entirely from IDT's Real-Time Drilling Operations Center (RTDOC), represents a one-of-its-kind deployment for ONGC's onshore operations. The key outcomes included:

• Validation of autonomous downhole steering capabilities

• Successful 100% automated drilling and trajectory control

• Accurate directional profile achievement

• Real-time remote command and control from RTDOC

This pioneering effort reflects ONGC's move toward digitally enabled, automated drilling systems aimed at improving efficiency, safety, and precision in field operations.

15. Infrastructure Up-gradation

Your Company is in the process of up-gradation of existing resources with State-of–Art equipment to remain competitive in the global E&P business. It has already taken actions to refurbish, upgrade and replace its Onshore/Offshore drilling rigs, Workover rigs, Cementing units, Crisis Management equipment in phases. Major Infrastructure Up-gradations during the year were as under:

• Twenty seven (27) drilling rigs are being replaced by new generation hi-tech rigs in phased manner. Till FY'25, a total 15 new generation hi-tech drilling were commissioned.

• Till end of FY'25, 09 workover Rigs out of 20 Automated Hydraulic Workover rigs were commissioned.

16. Information Technology

Moving towards digitalization using emerging technologies by creating digital oilfield and operational activities your Company has carried out several Business Process improvements in the field of IT for enhancing the IT infrastructure and ensuring robust support for various applications and services. Major Process improvements were as follows:

1. Network & Infrastructure Modernization

• SDWAN rollout across 30+ ONGC locations for better network uptime and fallback. The effort ensured high network availability and seamless fallback capabilities. The project will provide improved uptime for core business applications and reduced dependency on legacy infrastructure.

• High capacity 300 Mbps terrestrial microwave connectivity has been extended to the Assam and Jorhat Assets, using an unlicensed band to ensure uninterrupted 24/7 connectivity. Additionally, a captive Broadband Wireless Access Communication network in the unlicensed band is being deployed in the Southern Region, covering the Cauvery and Rajahmundry Assets, to enhance high-speed field communication. This will facilitate a robust communication infrastructure and support ongoing and upcoming digital initiatives.

• Hired services for on-premises provisioning of Data Centre services including servers, storage, network, backup, DR Replication and on-site FMS support for 07 years at primary and Disaster Recovery (DR) sites of Infocom Data Centres on an OPEX mode which ensure not only optimum utilisation of infrastructure but also ensures faster scaleup for deployment of any new digital initiatives.

• Upgraded the existing 60 KVA UPS to a 120 KVA capacity UPS with Lithium-Ion batteries and an in-built BMS and health monitor, which is in the advanced stage of installation at the Corporate Data Centre.

2. Automation & Reporting

• Automated 20+ key business processes using IBM RPA (e.g., SAP reports, production, audit, etc.). The automation led to significant time savings, accuracy improvement, and reduced manual workload for various departments, especially in finance and production monitoring.

• Ongoing SAP-based automation was carried out for reports such as MB51 Diesel, VIMS Invoices, Sectorial Consumption, and Drilled Wells Production. Each report automation required understanding of underlying SAP transactions, data structure, and scheduled script deployment. These efforts enhanced reporting efficiency and ensured timely availability of critical business data.

• O-365, Co-pilot and Power-BI deployed for improved office automation and visualisation of key performance indicators. These tools have streamlined processes and provided better insights leading to more informed decision making and improved productivity.

3. Digital Portals & Applications

• Launched the ProcMIS Portal to consolidate procurement data from SAP, DISHA, GePNIC, and GeM. This has enabled real-time tracking of tendering activities and case monitoring across NTA and CPD, improving procurement visibility and audit-readiness.

• Multiple digital portals were created including those for Fire Services, Recruitment (OGL & Digital Head), Board Management, and DMS for Director(S&CA). These required workflow customization, stakeholder feedback, and iterative testing. The outcome was streamlined internal communication, improved governance, and reduced turnaround time in administrative tasks.

4. AI & Analytics Initiatives

• The AI transformation roadmap was established with the formation of an AI task force, the initiation of an upskilling journey, and collaboration with C-DAC for HPC services. Additionally, GPU-based servers were deployed to develop AI/ML and GenAI applications and other analytics use cases in various business domains.

• Integrated machine/SCADA/PLC data into analytics pipelines and OSI PI dashboards to support real-time reporting, alerts and monitoring thereof. OSI-PI platform is also being used for provisioning data through API for developing for third party analytic application namely gas balancing, gas detection, etc.

• Middleware services, JWT authentication, and token systems were designed to support these dashboards. These tools empowered management with live insights, faster decisions, and increased transparency in key operational areas.

5. Process & Governance Enhancements

• The master data management project has significantly enhanced enterprise data quality, leading to better decision-making and improved visualization on management dashboards and analytics.

• The modernization of the Health Information system has transformed it into a centralized, managed system for healthcare services, significantly enhancing health care services. This system includes modules for OPD, diagnostics, inventory, and immunization, and has been implemented pan ONGC.

• The development of custom DISHA processes, including modules for Reserve Price Fixation, Vendor Banning, and the Technology Induction Board, has led to significant improvements. Integrations with SAP for procurement and tendering workflows have enhanced transparency, expedited decision-making, and improved alignment with audit and compliance requirements.

6. Information Security/ Cyber Security

• In the present era where cyber threats are constantly evolving in sophistication and frequency, ONGC's state-of-art Information Security Operations Centre (ISOC) is operationalized 24X7 for safeguarding its digital assets, customer data, and intellectual property against cyber-attacks from adversaries. Threat Intelligence from several agencies - both Govt. of India & private are received and analysed in real-time with automation to respond in the fastest way. On an average, more than 2.1 billion events are handled every day.

• ONGC has implemented Information Security management Systems (ISMS) in accordance with ISO 27001 international information security standard in its 41 Data Centres. All these Data Centres are ISO 27001 certified where periodic internal and external audits are carried out for sustenance of ISMS and ISO 27001 certification.

• ONGC has been working consistently towards strengthening the weakest link in the Cyber security chain – the humans i.e. its employees. Towards this objective, the following focussed actions have been taken in the last year: A 2 days cyber security awareness outreach workshops have been conducted at the Work Centres of ONGC to educate and empower the employees against the growing threat of cyber-attacks.

A Regular phishing campaigns were conducted to raise employee awareness enabling them to identify suspicious emails, SMS messages, and QR codes, and to enhance their readiness against real-world phishing and smishing attacks. Employees who fell prey to this campaign were subjected to a self-learning course with an assessment at the end.

A A session on topical issues related to cyber-security is conducted on the first Wednesday of every month under the Cyber Jaagrookta Diwas initiative.

A Employees are regularly sensitised on the cyber hygiene and other cyber security aspects through text message every Wednesday throughout the year.

A Cyber Security Awareness Month (CSAM) was celebrated in October month bringing in special focus on Cyber Security through quizzes, webcasts etc.

17. Fiancial Highlights:

Your Company earned Profit After Tax (PAT) of Rs. 356,103 Million in FY'25 as against PAT of Rs. 405,260 Million in FY'24 i.e. a decline of Rs. 49,157 Million (12.13%) and registered Revenue from Operations of 1,378,463 Million in FY'25 down by 0.4% over FY'24 (1,384,021 Million).

Highlights – Standalone Financial Statements

Rs. in Million

18. Change in Share Capital:

During the year under review, there is no change in capital structure of the Company.

19. Dividend

Your Company has paid interim dividend of 6 per share of 5 each (_120%) in November 2024 amounting to 75,482 million and 5.00 per share of 5 each (_100%) in January 2025 amounting to 62,901 million. The Board of Directors has recommended final dividend of Rs. 1.25 per share of 5 each (_25%) amounting to 15,725 million subject to approval of shareholders. The total dividend pay-out for FY'25 would be 154,108 million with pay-out ratio of 43.27%.

The Dividend Distribution policy may be accessed at the web link: https://ongcindia.com/fi/web/eng/investors/policies.

20. Financial Accounting and Secretarial Standards

The Financial Statements of the Company for FY'25 have been prepared in compliance with the applicable provisions of the Companies Act, 2013 including Indian Accounting Standards (Ind AS) and Guidance Note on Accounting for Oil and Gas Producing Activities issued by the Institute of Chartered Accountants of India.

Secretarial Standards:

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

21. Loans, Guarantees or Investments

Your Company is engaged in Exploration & Production (E&P) business which is covered under the exemption provided under Section 186(11) of the Companies Act, 2013. Accordingly, the details of loans given, investments made or guarantee or security given by the Company to subsidiaries and associates were not reported.

22. Deposits:

Your Company has not accepted any deposit during the year. Further, there was no outstanding deposit and/or unpaid or unclaimed principal amount or interest against any deposit either at the beginning or at the end of FY'25.

23. Credit Rating of Securities:

Details of the Credit Ratings of Debt Securities of the Company as on 31st March 2025:

* India Ratings and Research Private Limited has affirmed the long-term rating of IND AAA/Stable assigned to the balance NCD programme of

2,360 Crore.

24. Investor Education and Protection Fund (IEPF)

Details of transfer of unclaimed dividends and eligible shares to IEPF have been placed in the Corporate Governance Report, which forms part of the Annual Report.

25. Related Party Transaction

There was no Related Party Transaction which needs to be reported in the form of AOC-2, in terms of Section 134(3)(h) read with Section 188 of the Company Act, 2013.

A. ONGC Videsh Limited

ONGC Videsh Ltd, the wholly owned subsidiary of your Company for carrying out E&P activities outside India, has participation in 32 oil and gas projects spread across 15 countries. ONGC Videsh portfolio comprises of 14 producing, 4 discovered/ under development, 11 exploration and 3 pipeline projects. The company operates 16 of these projects by itself or in collaboration with JV partners. ONGC Videsh also has 3 subsidiaries in global business hubs i.e., Amsterdam (Netherlands), Singapore and Houston (USA) for asset holding, commercial and technical activities in addition to a wholly Owned subsidiary in GIFT City, Gujarat, India which functions as Global Treasury Centre for ONGC Videsh. Gross consolidated revenue of ONGC Videsh for FY'25 was

129,946 million (against Rs. 131,972 million during FY'24) and the Profit After Tax (PAT) was Rs. 4,177 million during FY'25 as against Rs. 4,900 million (restated) during FY'24.

• Increased Operated barrels:

A CPO-5, Colombia: Production in operated CPO-5 Project registered a 25% YoY increase from 19 KBOPD in FY'24 to 25 KBOPD in FY'25.

A MECL, Colombia: Strategic well interventions in the mature Joint Operated Velasquez field (80+ years, ~85% water cut), including targeted infill drilling, workovers, and rig-less optimizations, resulted in a significant 30%+ increase in annual average production from 3,201 BOPD in FY'24 to 4,148 BOPD in FY'25. The field further recorded the highest ever production (since acquisition) of ~4,600 BOPD in March 2025.

A GPOC, South Sudan: Despite regional geopolitical issues and persistent flood at many surface installations and well sites, this Joint Operated Project registered an 8% YoY increase in oil production from ~46,450 BOPD (FY'24) to ~50,400 BOPD (FY'25).

A SPOC, South Sudan: Production in this Joint Operated Project also surged over 90% YoY basis from 5,848 BOPD in FY'24 to 11,327 BOPD in FY'25, the highest daily average since production resumption in South Sudan.

• Exploration Success story:

A GPOC, South Sudan: First ever exploration well in GPOC, South Sudan was drilled and commissioned in the Independent South Sudan in FY'25 with the well currently producing at a rate of ~670 BOPD. This Exploration success in the project validates the hydrocarbon potential of the region resulting to secure a crucial 5-year extension of the exploration licence, now valid until 25th February 2030.

A SPOC, South Sudan: ONGC Videsh's exploration efforts in this project were also recognised with a three-year extension of the exploration license, now valid until 8th December 2027.

A CPO-5, Colombia: ONGC Videsh successfully drilled three more exploratory wells during FY'25 in this block. These drilling campaigns led to a significant breakthrough: the discovery of a new play, LS-3, within the La Urraca evaluation area.

• Growth Through Strategic Acquisitions and New Ventures:

ONGC Videsh continued its strategic growth trajectory in FY'25 through key acquisitions and a significant diversification into new ventures, reinforcing its global footprint and future potential.

A Expanding Presence in Azerbaijan: In November 2024, ONGC Videsh successfully completed the acquisition of an additional 0.615% PI in the producing Azeri, Chirag, and Gunashli (ACG) field, alongside a 0.737% stake in the Baku-Tbilisi-Ceyhan (BTC) Pipeline Company in Azerbaijan. Building on this, in September 2024, it signed an Addendum to the existing ACG Production Sharing Agreement (PSA). This addendum enables it to explore and produce from the Non-Associated Natural Gas (NAG) reservoirs of the ACG field until the PSA's expiry in 2049, unlocking significant new value from an already valuable asset.

A Venturing into Critical Minerals: ONGC Videsh has also ventured into the critical mineral space in FY'25 by entering into a MoU with UAE-based International Resources Holding RSC Ltd. (IRH) along with Oil India Limited (OIL) and Khanij Bidesh India Ltd. (KABIL). This collaboration marks the strategic aligning with future energy demands and diversification efforts.

B. Hindustan Petroleum Corporation Limited (HPCL)

Your Company holds 54.90% equity shares in HPCL as on 31st March 2025 and HPCL is a Schedule ‘A', Maharatna, and listed entity with Pan India presence. HPCL owns and operates 2 major refineries – one at Mumbai (9.5 million metric tonnes per annum - MMTPA) and the other one at Visakhapatnam (15 MMTPA). It also owns and operates the largest Lube Refinery in the country with a capacity of 428 TMT (thousand metric tonne). HPCL has a vast marketing network of Supply & Distribution infrastructure comprising of Terminals, Installations, Tap-off Points, LPG Bottling Plants, Aviation Service Facilities, Lube Blending plants, Lube depots and various customer touchpoints across the country. HPCL has its Research & Development Centre named ‘HP Green R&D Centre' in Bengaluru.

During FY'25, HPCL refineries at Mumbai and Visakhapatnam achieved combined refining thruput of 25.27 MMT registering an increase of 13.2% over crude thruput of 22.33 MMT processed during FY'24. Visakh Refinery was able to realise the full volume potential post the expansion and processed over 15 MMT of crude oil. Similarly, Mumbai Refinery processed almost 10 MMT crude oil in an all-time high. HPCL achieved the highest-ever total sales volume of 49.82 MMT (including exports) during FY'25 registering a growth of 6.4% as compared to previous year's sales of 46.82 MMT. This corresponds to a domestic market sales growth of 5.5%, and HPCL has significantly outperformed the industry average growth rate of 4.2%. HPCL also recorded the highest-ever pipeline thruput of 26.90 MMT during FY 2024-25 with a growth of 9.6% over 25.83 MMT pipeline thruput achieved during previous year.

During the year, HPCL crossed a key milestone of 23,000+ Retail Outlets with commissioning of 1725 Retail outlets during FY'25 taking the total Retail Outlets to 23,747 as of 31st March 2025. During this period, 29 new LPG distributorships were added taking the total LPG distributorships to 6,378 as of 31st March 2025. In a significant step, HPCL commenced operations at LNG Regassification Terminal at Chhara, Gujarat. The Average GRM (Gross of export duty) for the FY'25 was US$ 5.74 per barrel (US$ 9.08 per barrel during the previous financial year). The reduction in GRM is in line with the trend of international product cracks.

During FY'25, HPCL recorded standalone Profit after tax of

73,649 million as compared to Profit after tax of Rs. 146,938 million for the previous year. Revenue from operations for the FY'25 was Rs. 4,663,457 million as compared to Rs. 4,616,375 million during the previous year.

C. Mangalore Refinery and Petrochemicals Limited (MRPL)

Your Company holds 71.63 % equity shares in MRPL, a Schedule ‘A' Mini Ratna company and listed entity, which is a single location 15 MMTPA Refinery. Further, HPCL, also holds 16.95% equity shares in MRPL.

MRPL's refinery is established with a versatile design with complex secondary processing units and a high flexibility to process Crudes of various API, delivering a variety of quality products. MRPL also operates an Aromatic Complex, a petrochemical unit capable of producing 0.905 MMTPA of Para Xylene and 0.273 MMTPA of Benzene. The Aromatic Complex is situated in the Mangalore Special Economic Zone (MSEZ) and is fully integrated with MRPL.

MRPL achieved the highest ever throughput of 18.044 MMT for the FY'25, operating at 120% of the installed capacity as against 16.59 MMT during last year. In FY'25, GRM for MRPL was USD 4.45 /bbl against USD 10.36/ bbl during FY'24. During FY'25, MRPL registered a standalone turnover of

1,092,775 million (against Rs. 1,052,233 million in FY'24) and recorded profit after tax of Rs. 506 million (against Profit after tax of Rs. 35,959 million in FY'24).

D. Petronet MHB Ltd (PMHBL)

Your Company, together with its subsidiary HPCL, hold equity shares of 49.996% each in PMHBL. With your Company's holding of 54.9% in HPCL, the extent of its holding in PMHBL comes to 77.44% and makes PHMBL a subsidiary of ONGC. PMHBL owns and operates Mangalore – Hassan – Bengaluru JV pipeline (362.3 Km) to transport MRPL's petroleum products to various parts of Karnataka State. First time after commissioning, PMHBL started ATF transportation on 12th November 2024 and achieved highest throughput of a day on 15th March 2025.

PMHBL achieved a thruput of 3.971 MMT in FY'25 against 4.05 MMT in FY'24 and reported total income of Rs. 2,061 million in FY'25 ( 1,857 million in FY'24) and recorded a net profit (PAT) of Rs. 830 million in FY'25 ( 963 million in FY'24).

E. ONGC Green Limited (OGL):

Your Company has established ONGC Green Limited (OGL) as a wholly-owned subsidiary on 27th February 2024. This strategic move aims to diversify ONGC's business, mitigate risks associated with fossil fuel dependency, and meet sustainability objectives. OGL, since start of operation on 10th April 2024, has significantly expanded its renewable energy portfolio through key acquisitions:

• OGL One Limited (formerly PTC Energy Ltd): On 4th March 2025, OGL acquired a 100% equity stake in PTC Energy Ltd. and subsequently changed its name to OGL One Limited w.e.f. 4th June 2025. This acquisition brought seven wind power plants with a total capacity of 288.8 MW, located in Madhya Pradesh, Karnataka, and Andhra Pradesh.

• Ayana Renewable Power Private Ltd (via ONGPL Joint Venture): A ONGC NTPC Green Private Limited (ONGPL), a 50:50 Joint Venture between OGL and NGEL (NTPC Green Energy Ltd), was formed on 18th November 2024. A On 27th March 2025, ONGPL acquired a 100% equity stake in Ayana Renewable Power Private Ltd. Ayana Renewable Power contributes approximately 4.1 GW of combined wind and solar capacity, including both operational and under-construction assets.

These strategic acquisitions have added 2.345 GW (operating + under construction) of renewable energy capacity to ONGC's portfolio, bringing its total RE capacity to 3.563 GW. This substantial progress is a key step towards ONGC's targets of 10 GW RE capacity by 2030 and net-zero emissions by 2038 for scope 1&2.

F. ONGC Petro additions Limited (OPaL)

OPaL is a mega petrochemical greenfield project established in Dahej SEZ and incorporated in 2006 for utilizing in-house production of C2-C3 and Naphtha from Hazira and Uran units of your Company. With the approval of the Govt. of India, your Company has made additional equity infusion in OPaL to the tune of Rs. 18,365 crore along with allocation of new well gas in place of withdrawn APM gas for swap replenishment of shrinkage gas to C2-C3 Dahej plant. Post infusion of additional equity, the shareholding of your Company increased from 49.36% to 95.69% and became subsidiary of your Company on 23rd August 2024. Other shareholders in OPaL are GAIL and GSPC with shareholding of 4.19% and 0.12% respectively as on 31st March, 2025. During FY'25, OPaL reported revenue from operations of

148,040 million ( 143,073 million in FY'24) and loss of

37,259 million (loss of Rs. 34,561 million in FY'24). OPaL has exited SEZ on 07th March 2025 and operating as unit in Domestic Tariff Area w.e.f. 08th March 2025.

Associates and Joint Ventures:-

A. ONGC Tripura Power Company Limited (OTPC)

OTPC was incorporated in 2004 as a joint venture of your Company. Your Company held 50% of its shares as on 31st March 2025. OTPC has a 726.6 MW gas based Combined Cycle Power Plant at Palatana, Tripura with two generating units with equal capacity. The basic objective of the project is to monetize idle gas assets of your Company in landlocked Tripura State and to boost exploration efforts in the region. The average Plant load factor for FY'25 was about 60.07 % against 70.70% in FY'24 and power generation decreased to 3883 million Units (MU) in FY'25 from 4,368 MU in FY'24. Revenue from standalone operations during FY'25 was Rs. 13,517 million ( 15,473 million in FY'24) and profit after tax (PAT) was Rs. 15 million during FY'25 ( 699 million during FY'24).

B. ONGC TERI Biotech Limited (OTBL)

OTBL is a JV incorporated in 2007 by your Company (49.98%) along with The Energy Research Institute (TERI) (48.02%) and the remaining 2% shares are held by individuals. OTBL has developed various Biotechnical Solutions for oil and gas Industry through collaborative research involving the Company and TERI. Revenue from operations of OTBL during FY'25 was Rs. 344 million ( 370 million in FY'24) and profit after tax (PAT) was 170 million during FY'25 ( 150 million during FY'24).

C. Dahej SEZ Limited (DSL)

DSL, a 50:50 JV of your Company along with Gujarat Industrial Development Corporation (GIDC), was incorporated in 2004 for establishing a multi-product SEZ at Dahej. Your

Company has set up C2-C3 Extraction Plant as a value-chain integration project in this SEZ, which serves as feeder unit to OPaL, a subsidiary of your Company. Revenue from Operations of DSL during FY'25 was Rs. 986 million (un-audited) against Rs. 834 million in FY'24 (audited) and PAT was Rs. 577 million during FY'25 (un-audited) against

444 million (audited) during FY'24.

D. Mangalore SEZ Limited (MSEZL)

MSEZ is a JV, under Special Economic Zone and was promoted by your Company with an equity stake of 26%. MSEZ, was incorporated in 2006 for development of necessary infrastructure to facilitate and locate industrial establishments. MSEZ is operational since April 2015. Revenue from standalone operations of MSEZ during FY'25 was Rs. 2,036 million ( 1,797 million in FY'24) and profit after tax was Rs. 423 million during FY'25 ( 87 million during FY'24).

E. Pawan Hans Limited (PHL)

PHL, is an Associate of the Company, with 49% holdings, and the Government of India holding remaining 51%. PHL was formed primarily for catering to the logistic requirements of offshore and other remote area oil fields. PHL is a Mini Ratna-I Category PSU, having fleet of 43 helicopters. PHL secured contract of charter hiring of 4 nos. of crew change task helicopters for contract duration of 10 years from your Company on 14th November 2024.

F. Petronet LNG Limited (PLL)

Petronet LNG Limited (PLL), an associate of your Company, which was incorporated in 1998 with 12.50% equity holding along with identical stakes held by other Oil PSU co-promoters viz., IOCL, GAIL and BPCL, is a listed Company. PLL, the largest company in the country in supply of LNG, has set up the country's first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala. While the plant at Dahej terminal has 17.5 MMTPA capacity, the Kochi terminal has capacity of 5 MMTPA. During FY'25, PLL recorded standalone revenue from operations of Rs. 509,796 million ( 527,284 million during FY'24) and Profit after tax (PAT) of Rs. 39,264 million during FY'25 ( 35,362 million during FY'24).

G. Indradhanush Gas Grid Limited (IGGL)

Your Company has promoted and subscribed 20% equity capital in IGGL, a JV company in association with IOCL, GAIL, OIL and NRL. IGGL was incorporated in 2018 for the purpose of laying 1,656 KM pipeline covering north-east states with a capex of Rs. 92,650 million. MoP&NG has approved Viability Gap Funding (VGF) of 55,590 million which is 60% of the project cost. Surveying, ROU acquisition and Pipeline laying in various sections are under progress. Physical progress of 84.40 % and financial progress of 67.40% have been achieved till 31st March 2025 with a cumulative financial expenditure of Rs. 62,460 million.

H. Rohini Heliport Limited (RHL):

Your Company has subscribed 49% equity capital in Rohini Heliport Limited with Government of India's stake as 51%, RHL is a mirror company of Pawan Hans Limited, incorporated in 2019 for enabling disinvestment of PHL.

I. Companies Which have become/ ceased to be Company's Subsidiaries, Joint Ventures And Associates Companies during FY'25 a) Companies which have become direct subsidiaries: OPaL w.e.f. 23rd August 2024. b) Companies which have ceased to be subsidiaries: NIL. c) Companies which have become a joint venture or associate: NIL. d) Companies which have ceased to be a joint venture or associate: OPaL converted as a subsidiary.

*Only direct subsidiaries and JVs have been considered

27. Make in India

To promote "Atmanirbhar Bharat", ONGC has introduced Development Order Policy in December 2020 for goods and services after delinking it from routine tender process to make the process easier and continuous. The policy enables vendor to offer product at any point of time.

ONGC has been able to localize 26 products/Services through 36 successful development orders, another 9 products are at various development stage by 11 Indian manufacturers providers.

28. ONGC Start-Up Initiative INDEG

‘ONGC Start-up Fund', conceptualized in line with the ‘Startup India' initiative, launched by the Hon'ble Prime Minister of India, was established to foster, nurture and incubate new ideas related to energy sector. The Fund supports and promotes an ecosystem in the Energy Sector for entrepreneurship among the younger Indians.

ONGC Start-Up Fund supported 24 start-ups with applications in energy sector. The financial commitment to these Start-Ups was Rs. 782.80 million as on 31st March 2025. Further Due Diligence of 12 startups was in progress as on 31st March 2025.

Several start-ups supported by your Company have demonstrated significant success, thereby contributing to the advancement of India's start-up ecosystem. Notable examples include ‘Sagar Defence', ‘String Bio', ‘WellRx', ‘Chakr Innovations', and ‘Logic Ladder'. In particular, the ‘Sagar Defence' has emerged as a pioneering start-up in the field of unmanned Ariel, Surface and underwater vehicles and presently working with Defence, supporting them by developing state-of-the-art technologies. Recently the Startup has fetched the pre-money valuation of 18,000 Million in investment round of 2,500 Million. ONGC Startup Fund holds an 8.83% stake on a fully diluted basis, post recent investment round.

29. Procurement through Government e-Marketplace (GeM)

In line with directives of Government of India, your Company has been making all efforts to enhance procurement of goods and services through GeM portal. During FY'25 ONGC's total procurement through GeM was Rs. 93,732 million by placing 5,619 orders. This represents a 30.48% year-on-year increase in value terms. .

30. Facilitation for payment of invoices through TReDS Portal

In line with the initiatives of Government of India, your Company is registered on following TReDS platforms:-i. M/s RXIL, ii. M/s MYND Solution (M1xchange), iii. M/s A TREDS Ltd. (Invoice Mart), iv. C2treds (C2FO), v. KredX (DTX) MSME vendors can have immediate access to liquid fund based on Buyers (i.e. ONGC's) credit rating by discounting MSMEs trade receivables through an auction mechanism where multiple financers can participate and bid. MSME vendors can avail this benefit by registering themselves with any of the above exchanges providing e-discounting/ electronic factoring services on TReDS platform where ONGC is also participating in such TReDS Platform as a Buyer. The exchanges where ONGC is participating are being notified from time to time. The details of invoices discounted through TReDS system during FY'25 were as under:

Additionally, the reduction in the credit period to 10 days by your Company from FY'24 onwards is a commendable step towards expediting vendor payments, further supporting the MSME sector's need for timely financial inflows.

Additional information on MSME payment report of FY'25 with reference to DPE OM Dated 22nd July 2024:

# This excludes the invoices where there is a deficiency in documents on part of vendor

31. Health, Safety and Environment (HSE)

The principles of Health, Safety, and Environment (HSE) are not just operational imperatives, they are foundational to the Company's long-term vision and functioning. As India's leading oil and gas enterprise, the Company recognizes that sustainable operations are interlinked to the health and well-being of its workforce and protection of the environment. The Company's HSE Policy reflects a proactive and integrated approach to risk management and resilience while maintaining operational excellence and guides towards establishing a strong safety culture. Further, the Company's Environment Policy underscores its commitment to sustainable development by integrating environmental considerations into all aspects of its activities, ensuring compliance, conservation, and continual improvement. Company's HSE Management System (HSEMS) provides a structured framework to identify, evaluate, and mitigate risks across its exploration and production (E&P) operations. This system is aligned with the best global practices and complies with standards set by the Oil Industry Safety Directorate (OISD), Directorate General of Mines Safety (DGMS), Ministry of Environment, Forest and Climate Change (MoEFCC) and other authorities.

Company's HSE planning is progressive, encompassing occupational health, process safety, environmental protection, emergency preparedness, and climate resilience. The organization's unwavering commitment to the goal of zero harm is reflected in its continuous efforts to eliminate workplace incidents and foster a culture of responsibility/ accountability with continual upgradation of systems and skills of work force.

FY'25 further exhibited the strengthening of ONGC's safety culture and the effectiveness of its HSE initiatives. The continued efforts of the Company are demonstrated by the consistent decline in the overall incidents of about 18% compared to previous FY, underscoring a positive and sustained trend in safety performance.

HSE Initiatives and Achievements:

1. Safety Audits

Compliance with Health, Safety, and Environment (HSE) management systems, along with adherence to applicable rules, regulations, guidelines, and standards, is thoroughly assessed through regular safety audits.

Internal Safety Audits (ISA) are conducted by multi-disciplinary teams within the Company. In addition, External Safety Audits (ESA) are conducted by regulatory/ supervisory authorities like Directorate General of Mines Safety (DGMS) and Oil Industry Safety Directorate (OISD).

The status of audits and inspections, as of 31st March 2025, is as follows: i. Internal Safety Audits (ISAs)- 320 installations were audited by multi-disciplinary teams and overall compliance status of the observations raised was 94.34 %. ii. OISD Audits- 122 installations were audited by OISD and the overall compliance status of the observations raised was 91.79%. iii. DGMS Inspections- 202 installations were inspected by DGMS and the overall compliance of the contraventions raised was 96.53%.

2. Procedure of ISA has been made more stringent by introduction of randomization methodology. Under the changed methodology, selection of locations and auditors for conducting of ISA is being done on a random basis. The randomly selected auditors are being informed on short notice regarding the installations (randomly selected) for the ISA. Further, in order to strengthen the skills of the auditors, ISA trainings are provided to the identified officers, which also included hands-on practice sessions.

3. To reinforce the safety culture across the organization, focused programs on Behaviour Based Safety are being carried out.

4. A structured incident reporting and investigation system has been established in the Company which includes uniform guidelines for timely reporting and acting. As a proactive measure to ensure timely corrective action for incident prevention, stress is being given on reporting of all Near Miss, Unsafe Acts and Unsafe Working Conditions.

5. For checking of the readiness and response capabilities for emergency situations, and reinforcing safety protocols, a total of 19,679 mock drills were conducted during FY 2024-25, across all operational areas of the Company. These drills were based on various emergency scenarios outlined in the

Emergency Response Plans (ERP), Disaster Management Plans (DMP), and Regional Contingency Plans (RCP).

6. In compliance with the Mines Vocational Training (MVT) Rules, 1966, Company provided Mines Vocational Training to a total of 3,546 personnel during FY 2024–25. This included both ONGC employees and contract staff, ensuring that individuals working in mining operations are equipped with the necessary safety knowledge and operational skills.

7. The Stop Card Program of the Company empowers all personnel to address any unattended hazard/ risk at workplaces. This proactive approach enables immediate corrective actions, fostering a culture of safety ownership and risk prevention.

8. The Company has implemented SAP-based programs like capturing the Accident/Incident information, Safety Audit Observations, Electronic Permit to Work (e-PTW), Management of Change (MoC), etc. These online systems ensure real-time monitoring of procedural compliance and full traceability of safety-related activities. These digital platforms streamline workflows, enable data analysis, and reinforce adherence to safety protocols, thereby strengthening ONGC's commitment to a safe and compliant work environment.

9. The Company secured 3 Environment Clearances (ECs) and

1 Coastal Regulatory Zone (CRZ) Clearance from Ministry of Environment Forest and Climate Change (MoEFCC) and 14 from State Authorities for various exploration and development projects.

10. Awareness campaigns, aligned with the Hon'ble Prime

Minister's initiative on Mission LiFE (LiFEstyle for Environment), are being carried out through webinars and digital media.

11. Tree plantation target under the ‘Ek Ped Maa Ke Naam' initiative has been successfully achieved by the Company by planting 1,50,000 saplings each in Mehsana, Gujarat and Sivaganga, Tamil Nadu. Long-term survival of these saplings is being ensured through a robust system of regular maintenance and monitoring. The initiative is a part of ONGC's broader commitment to environmental protection, with a focus on soil conservation and river water rejuvenation.

12. Waste Management i. The Company ensures strong commitment to environmental sustainability through effective waste management practices. The Company continuously monitors wastewater usage and ensures that the quality of discharged effluent complies with all statutory requirements for surface and subsurface discharge. To support this, the Company operates 41 Effluent Treatment Plants (ETPs) across its onshore work centres, with a capacity for treating approximately 1,04,000 m?/day of waste water generated during Exploration & Production (E&P) operations.

ii. For offshore facilities, Produced Water Conditioners (PWCs) have been installed on process platforms. iii. Additionally, Sewage Treatment Plants (STPs) are provided to manage and treat sewage water generated, ensuring minimal environmental impact.

13. Hazardous Waste Management i. The Company adopts environmentally responsible practices for the management of hazardous waste. The hazardous waste is duly disposed of as per stipulated guidelines. Oily sludge and oil-contaminated soil wastes are treated using the bioremediation technique, which employs a consortium of oil-degrading bacteria to break down hazardous substances into non-toxic compounds, ensuring safe and sustainable disposal. ii. The process ensures that the Total Petroleum Hydrocarbon (TPH) content in the treated sludge is reduced to below 0.5% (5000 ppm), in strict compliance with the Hazardous and Other Wastes (Management and Trans-boundary Movement) Rules, 2016.

14. ONGC has established a robust oil spill management system to effectively respond to any spill in its offshore operations. The system is aligned with the National Oil Spill Disaster Contingency Plan (NOS-DCP), promulgated by the Indian Coast Guard (ICG), which serves as the central coordinating authority for oil spill prevention and response in Indian waters.

The tiered response methodology is given as under: a. Tier-I Response- ONGC maintains its own Tier-I oil spill response equipment and trained personnel onboard multi-support vessels across operational areas to address localized spills. b. Tier-II Response- For larger spills, ONGC collaborates with the Indian Coast Guard and mutual aid partners to ensure timely and effective containment and recovery. c. Tier-III Response- ONGC holds a participant membership with Oil Spill Response Limited (OSRL), UK, granting access to OSRL's global resources, including booms, skimmers, dispersants, storage equipment, and specialized manpower.

15. The efforts of the Company towards strengthening workplace safety are further reflected in its Lost Time Injury Frequency Rate (LTIFR)—a globally recognized benchmark for safety performance. In 2024–25, the Company achieved an LTIFR of 0.22, marking a consistent declining trend. This improvement highlights the effectiveness of ONGC's safety protocols, proactive hazard management, and the growing safety culture across its operations.

The Company conducts internal mock drills and actively participates in regional and national-level drills organized by the Indian Navy and Indian Coast Guard. Furthermore, ONGC submits annual preparedness returns to the ICG, demonstrating its commitment to continuous improvement in oil spill response capabilities.

32. Carbon Management and Sustainable Development

Sustainable Development is the standard template in the Company and this finds expression in our commitment to continually enhance the benchmarks of economic, environmental and social performance. The major endeavours towards corporate sustainability were as under:

Clean Development Mechanism (CDM):

Your Company had 15 CDM projects registered with the United Nations Framework Convention on Climate Change (UNFCCC) under the Kyoto protocol since 2006. ONGC is also continuing the Verification/Renewal of existing CDM projects as well as finding opportunities for Registration of new CDM projects. Your Company has already submitted application with UNFCCC for transition of 6 CDM projects to SDG projects under Article 6.4 of Paris Declaration, 2015. The total CERs issued till date from the above mentioned 15 CDM projects is 2784579 CERs. Issuance fee has already been submitted to UNFCCC for issuance of 230876 CERS pertaining to 102 MW Wind Power Project for a period of 25th July, 2016 to 24th July, 2022. Greenhouse Gas (GHG) Accounting and Mitigation:

ONGC aims to reduce GHG emissions by focusing on improved energy efficiency. The scope-1 and scope-2 emissions during FY'25 was 9.501 MMTCO2e and Emission intensity was 0.242 MMTCO2e/MMTOEG

Global Methane Initiative (GMI): Leak Detection and Repair Program (LDAR)

The GMI is an action-oriented initiative from United States Environment Protection Agency (USEPA) to reduce global fugitive methane emissions to enhance economic growth, promote energy security, improve the environment, and reduce greenhouse gases emission. The reductions are achieved through the implementation of "Directed Inspection and Maintenance program" (DI&M) wherein leaks are detected by undertaking survey through IR Camera and remedial measures are taken to arrest the leakage.

Your Company 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. In view of ONGC's commitment to achieve Zero Routine flaring by 2030 and near zero upstream methane emissions, ONGC has adopted top down approach to detect Methane concentration in atmosphere above its area of operation using TROPOMI (Tropospheric Monitoring Instrument) Satellite data through its remote sensing division of KDMIPE. Further ONGC has signed a Cooperation Agreement with TotalEnergies to carry out methane emissions detection and measurement campaigns using TotalEnergies pioneer AUSEA (Airborne Ultralight Spectrometer for Environmental Applications) technology. ONGC in collaboration with Total Energies is planning to conduct Drone Surveys using Total Energies Patented technology AUSEA to detect particular area in an installation where methane emissions are occurring.

In FY'25, ONGC has conducted Leak Detection Survey of fugitive methane emissions at Hazira and Uran plant(s). With the above efforts, ONGC has been able to detect approx. 25.35 MMSCM of fugitive methane gas in FY'25 and is currently undertaking the repair campaign to arrest the leakages.

It is important to note that ONGC is conducting LDAR (Leak Detection and Repair Program) since 2008. Till date, ONGC has detected and arrested fugitive methane emissions around 45.83 MMSCM of fugitive methane gas.

Solar and Wind energy initiatives:

The total installed capacity of renewable energy as on 31st March 2025 was 193.86 MW (Solar: 39.96MW and Wind: 153.9 MW).

Replacement of conventional lights with LED lighting:

In line with the Government of India's call for promoting efficient energy use (Ujala Scheme), ONGC entered into a MoU with Energy Efficiency Services Limited (EESL) for replacement of all conventional lights in ONGC in a phased manner. However, incandescent lamps, tube lights and CFLs were immediately replaced. As of end of FY25, ONGC has installed around 362,622LEDs.

Carbon Capture, Storage and Utilisation (CCSU)

Carbon Capture, Storage and Utilization (CCSU) is a critical emission abatement technology that can prevent large

CO2

from being released into the atmosphere.

quantities of CO2

In line to achieve the target of Net Zero carbon emissions by 2038, ONGC is taking many net zero initiatives with various mitigating measures.

To understand the rates and mechanisms of key geochemical reactions and their implication on geological storage, a state-of-the-art Carbon Capture, Utilization and Storage (CCUS) Laboratory has been created within Keshava Deva Malaviya Institute of Petroleum Exploration, Dehradun. In FY'25, studies have been carried out with varied objectives at CCUS Lab, KDMIPE. Key details of the same are as follows:

1. Strontium Isotope Geochemistry and Formation Water Interaction study in Gandhar Field: Significant water–rock interactions in the GS-3B sands of the Gandhar Field, evidenced by enriched Sr87/Sr86 ratios (0.774 to 0.928) and elevated Sr concentrations were observed. These findings support the utility of Sr isotopes as reliable tracers for assessing fluid-rock interaction sequestration

and hold important implications for CO2

monitoring, where isotopic shifts can track geochemical evolution during mineral carbonation.

2. Sequestration Potential and Trapping Mechanisms

CO2

in Gandhar field sand reservoir: Geochemical modeling indicates strong short-term trapping efficiencies

CO2

(97.72%) in the GS-3B sands of Gandhar field through residual (13.3%) and solubility (13.92%) mechanisms. Mineral trapping also contributes to long-term stability (2.28-6.08%) via carbonate precipitation induced by feldspar dissolution. These results reinforce the reservoir's suitability for CCS, with recommendations to inject below the gas–water contact (GWC) to

CO2

optimize containment and dissolution.

3. Petrophysical and Geochemical Alteration of Basalt under Flooding (Mumbai Offshore): injection

CO2 CO2

in basaltic cores resulted in increased porosity from mineral dissolution, but decreased permeability due to secondary mineral precipitation (e.g., carbonates). Geochemical shifts such as rising cation and bicarbonate levels confirm active carbonation. Saturation index trends and pH stabilization indicate progressive mineral trapping and geochemical buffering.

4. Sequestration Site

Geochemical Methodology for CO2

Selection: A geochemical approach was developed to identify optimal sites for sequestration, focusing

CO2

on mineral trapping via divalent cations (Ca, Mg, Fe) in silicate-rich rocks. Since sedimentary rocks are depleted of reactive minerals, igneous rocks like basalt and ultramafic types are preferred for enhanced absorption capacity of 0.7 g per

carbonation. With CO2

gram of Mg, site suitability was assessed using optical-emission spectrometry to analyze labile, inorganic, and inhibitor ions. A patent for this methodology has been filed with the Government of India.

ESG Ratings

Your Company has achieved a B- rating in its 2024 CDP (Carbon Disclosure Project) thematic score for climate. This recognition underscores ONGC's dedication to transparency in Environmental, Social and Governance (ESG)practices, reaffirming its position as a responsible energy leader. In 2024, S&P Global also revised the rating outlook on ONGC from 16 to 28. This suggests a positive trajectory for ONGC's creditworthiness and ESG performance.

33. Internal Financial Control System:

Your Company has put in place adequate Internal Financial Controls by laying down policies and procedures to ensure the efficient conduct of its business, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information commensurate with the operations of the Company. Effectiveness of Internal

Financial Controls is ensured through management reviews, self-assessment and independent testing by the Internal Audit Team indicating that your Company has adequate Internal Financial Controls over Financial Reporting in compliance with the provisions of the Companies Act, 2013 and such Internal Financial Controls are operating effectively. The Audit Committee/ Board reviews the Internal Financial Controls to ensure its effectiveness for achieving the intended purpose. Independent Auditors Report on the Internal Financial Controls of the Company in terms of Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 by the Statutory Auditors is placed along with the Financial Statements.

34. Conservation of Energy, Technology Absorption and Foreign Exchange earnings & Outgo:

The information as required under section 134(3) (m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, is annexed as Annexure – B.

35. Business Responsibility and Sustainability Report

Business Responsibility and Sustainability Report (BRSR) is annexed as Annexure – C and forms part of the Board's

Report.

36. Management Discussion and Analysis Report

As per regulation 34(2)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Management Discussion and Analysis Report (MDAR) forms part of this Report.

37. Corporate Governance

A report on Corporate Governance as stipulated under Regulation 34(3) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and also on DPE Guidelines on Corporate Governance, 2010 forms part of the Annual Report.

38. Human Resource Development

ONGC firmly believes that its workforce is the foundation stone of organizational excellence. In alignment with this philosophy, it is dedicated to building a progressive, inclusive and high-performance work environment where employees are empowered to contribute meaningfully. The human resource agenda is strategically aligned with the broader goals of the Company, focusing on fostering employee commitment, enhancing workplace satisfaction and offering continuous avenues for professional growth and skill enhancement.

With a forward-looking approach, ONGC is actively leveraging digital technologies and data-driven tools to modernize HR operations, streamline internal processes and strengthen learning ecosystems. These efforts are aimed at not only increasing operational efficiency but also ensuring that employees remain agile, future-ready and well-equipped to thrive in a rapidly transforming industry.

As of 31st March 2025, ONGC employed 24,368 regular personnel. Supported by transparent policies and merit-based HR practices, the Company continues to invest in its human capital to build a resilient, adaptive and purpose-driven workforce. This commitment enables employees to successfully meet evolving industry demands and contribute effectively to ONGC's role in transitioning global energy landscape.

Capacity building: In the fast-paced ever-evolving world of Exploration & Production, where change is constant and innovation drives success, a skilled and future-ready workforce is not just an asset — it's a necessity. Recognizing this, the HR team has crafted some of the industry's most forward-thinking learning and development programs, designed to empower employees for both today's challenges and tomorrow's opportunities.

In FY'25, this commitment to learning came to life as 13,461 executives and 4,304 non-executives sharpened their expertise through specialized training across critical domains - fuelling both personal growth and organizational excellence.

ONGC ATI effectively marketed the PEB infrastructure and generated revenue of Rs. 1.18 lakh by facilitating National Seminar of FSAI "FESA (Fire Electrical Security and Automation)-2025 for Pharma and allied industries". ONGC ATI got accredited with international agencies to deliver world class courses of OPITO, NEBOSH and IOSH. Apprenticeship engagement – During FY'25, ONGC engaged 1,072 number of apprentices in different trades under National Apprenticeship Promotion Scheme (NAPS) and National Apprenticeship Training Scheme (NATS), which was more than the minimum required 2.5% of total manpower in ONGC as per Apprenticeship Act, 1961.

Internship under Prime Minister's Internship Scheme- ONGC is one of the leading companies amongst all participating companies, in terms of number of internship engagement. 6,000 internship opportunities were created during FY'25, in different disciplines, for interns to join for a yearlong training curriculum. To enhance employability of the interns, the minimum duration for hands-on training for these interns is 50 per cent of the total duration of training. Employee Engagement- During FY'25, ONGC rolled out a diverse range of employee engagement initiatives aimed at fostering a culture of collaboration, innovation and shared growth. These efforts were strategically designed to strengthen team synergy and drive a sustained pursuit of excellence across the organization. The dynamic employee engagement initiatives were crafted not just to connect minds, but to ignite innovation, inspire collaboration and cultivate a shared journey toward excellence. With every activity, the spirit of unity and forward-thinking came alive, shaping a workplace where collective growth isn't just encouraged — it's celebrated.

Some of the highlights are as follows:

• Unnati Shikhar - Accelerated Leadership Development Programme : A recurring Accelerated Business Leadership Development Programme targeting high-performing and high-potential executives at the E6 and E7 levels was introduced in ONGC in 2025. This aligned with ONGC's vision of developing a future-ready leadership pipeline. 120 executives were short-listed based on various parameters and assessments for 3 day offsite immersive Learning. The participants will be placed in challenging roles and exposed to experiential learning, while they continue to learn through various interventions and modes.

• Prevention of Sexual Harassment at Workplace: To reinforce our commitment to a safe and respectful workplace, ONGC has launched "CARE – Confidence, Assimilation, Respect, and Equity at Workplace" in 2025. This comprehensive e-learning Gender Sensitisation and POSH programme is designed for all E4 and above level executives. This initiative equips managers with a clear understanding of workplace conduct, ensuring compliance and fostering a positive work environment.

• Bug Bounty 2024: Bug Bounty event was focused on identifying vulnerabilities within the application hosted on Engineers India Limited provided Virtual Machine. 59 teams from ONGC registered for the programme. 3 teams made it to the National finals of the events after 2 rounds. ONGC team from RCC Vadodara emerged as Runner Up.

• Annual Awards: The Annual Awards 2024 were revamped and re-calibrated to identify high performing teams and individuals, felicitating them for their outstanding contribution. As a tribute to the star performers of ONGC, whose relentless commitment keeps driving the organization to greater heights, the theme for this year's Annual Awards was ‘Sitarey'.

Work- Life Balance: At ONGC, the employee experience goes far beyond the workplace — it's about creating a way of life. Across our townships, vibrant spaces like gymnasiums, clubs, sports arenas and music rooms come together to form more than just infrastructure; they build a thriving community. Even at offshore, ONGC's living quarters are thoughtfully equipped with gyms, yoga and sports facilities and libraries, ensuring well-being is never out of reach, no matter the location. But it's not just the spaces — it's the spirit. ONGC proudly champions a culture of connection by supporting a diverse range of collectives, from Officers' Clubs and Women Development Forums to Employees Welfare Associations. These groups, along with year-round celebrations, cultural events and team-driven activities, infuse everyday life with a sense of belonging, shared purpose and joy — turning colleagues into communities and workplaces into homes.

Health and Wellbeing: ONGC has established Wellness Centres across its various work locations, serving as dedicated spaces for health consultations and counselling for employees and their dependent family members. These centres are more than just clinics — they are part of a larger movement to promote proactive well-being, encouraging healthy lifestyle choices and preventive care. Through regular health awareness sessions and wellness initiatives, ONGC continues to reinforce the importance of holistic health across the organization.

Beyond the workplace, ONGC extends its healthcare mission to the heart of rural India. Staying true to its commitment to social responsibility, the Company, under CSR, conducts multi-speciality medical camps in remote and underserved areas. These camps offer much-needed medical attention, including check-ups, free medication, rehabilitation aids and spectacles — bringing quality healthcare to the doorsteps of those who need it most and embodying ONGC's vision of inclusive and compassionate growth.

Employee Welfare Trusts:

ONGC has established the following Trusts for welfare and social security of employees: -

• Employees Contributory Provident Fund (ECPF) is an exempted PF Trust established by your Company under EPF&MP Act 1952. The Trust manages the Provident Fund of the employees.

• Post-Retirement Benefit Scheme (PRBS) Trust manages the pension fund of employees of your Company.

• Composite Social Security Scheme (CSSS) formulated by your Company provides an assured ex-gratia payment in the event of unfortunate death or permanent disability of an employee, while in service.

• Gratuity Fund Trust has been established for payment of gratuity as per the provisions of the Gratuity Act.

• ONGC Post-Retirement Medical Benefits (PRMB) Trust is managing the funds for the post-retirement medical benefits of employees. To further its commitment to the well-being of its extended workforce, ONGC has established the Sahyog Trust under the Sahyog Yojana — a compassionate initiative designed to provide ex-gratia financial support in times of need. This scheme extends a helping hand for various critical needs including medical treatment, rehabilitation, education, sustenance, marriage of female dependents and other unforeseen hardships faced by employees or their families who lack alternative support systems.

Through the Sahyog Trust, ONGC reinforces its ethos of care, dignity and solidarity for all members of its workforce, across all employment categories. The scheme reflects ONGC's inclusive approach, extending beyond regular and former employees to cover casual, contingent, daily-rated, part-time, ad hoc, contract and tenure-based personnel engaged with the Company. Through the Sahyog Yojana, ONGC reaffirms its deep-rooted commitment to standing by every member of its workforce, ensuring care, dignity and support are available to all — especially in their most challenging times.

• The Asha Kiran Scheme is also in place to meet the emergency needs of the ex-employees retired prior to 1st January 2007. The scheme was launched as per DPE guidelines with a corpus of 1.5% of profit before tax. Implementation of Govt. Directives for Priority Section

ONGC recognizes its responsibility towards welfare of SC and ST communities and complies with the Government directives in this regard. Scheduled Castes (SC) and Scheduled Tribe (ST) employees were 15.3 percent and 11.3 percent respectively; as on 31st March 2025. Your Company carried out following welfare activities for their betterment in and around its operational areas:-

• Annual Component Plan: Each year, an allocation of 200 million is set aside under the Annual Component Plan. Of this amount, 60 million is designated for work centers to support welfare activities aimed at benefiting local SC/ST communities within operational areas. The remaining 140 million is centrally managed and specifically allocated to fund welfare initiatives, including education, training, community development and healthcare, to support the upliftment of individuals and areas belonging to SC/ST communities.

• Scholarship to meritorious students: To support higher education of meritorious SC & ST / OBC and EWS students, 2000 scholarships are offered annually to SC & ST/ OBC and EWS students for pursuing Engineering, MBBS, Geosciences and MBA courses. An amount of Rs. 48,000/- per student per year is offered, subject to fulfilment of conditions under the scheme.

• Internal grievance redressal Committee for persons belonging to SC/ ST/ PWD have been constituted separately at all work centres. Chief Liaison Officers for SC/ST/PWD and OBC respectively have been appointed in addition to Liaison Officers at all work centres to safeguard the interest of SC/ST/PWD/OBC employees.

Diversity & Inclusion: ONGC is committed to being an equal opportunity employer, strictly adhering to constitutional and government guidelines to create fair and inclusive opportunities for all employees. The Company actively promotes the development of its workforce, regardless of caste, creed, race, gender, disability status, or any other distinguishing characteristic. Diversity, as per government requirements, is consistently represented across the organization.

Women Empowerment: Women employees constituted 8.0 per cent of ONGC's workforce as on 31st March 2025. The Company has been at the forefront of fostering inclusive workplace practices that not only support the career advancement of women but also enhance their leadership capabilities.

Inclusion of Persons with Disabilities (PwD): ONGC's infrastructure and facilities are designed to create an enabling environment for Persons with Disabilities, allowing them to effectively perform their duties. PwD employees are given due consideration in recruitment, job assignments, transfers, accommodations and leave policies. The Company has also reviewed and updated various welfare policies, including the formulation of an Equal Opportunity Policy under the Rights of Persons with Disabilities Act, which has been registered with the Chief Commissioner for Persons with Disabilities (Divyangjan).

ONGC Para Games

• As part of ONGC's commitment to diversity & inclusivity, ONGC has undertaken a number of steps to create an environment that provides equal opportunities to Persons with Disabilities, protects their rights and enables their full participation in society as productive citizens of our great Nation.

• In our continued efforts, ONGC has undertaken the unique initiative of organizing Para Games to promote sports amongst Employees with Disabilities.

• ONGC is the first Public Sector Enterprise in the country to organize Para Games for its employees.

• Till date ONGC has organised 6 editions of Para Games as below: i. 1st ONGC Para Games: Thyagraj Stadium, New Delhi, 19 – 21 Dec, 2017. ii. 2nd ONGC Para Games: Thyagraj Stadium, New Delhi, 13 – 15 Mar, 2019. iii. 3rd ONGC Para Games: SAI Gandhinagar, Gujarat, 3 – 5 Dec, 2019. iv. 4th ONGC Games: Thyagraj Stadium, New Delhi, 2 – 4 August 2022. v. 5th ONGC Games: Thyagraj Stadium, New Delhi, 7 – 10 March, 2024. vi. 6th ONGC Para Games: Thyagraj Stadium, New Delhi, 6 – 9 March, 2025

In 6th edition a total of approx. 350 para athletes participated from ONGC, IOCL, BPCL, HPCL, GAIL, OIL & EIL.

• The participants competed in Athletics, Badminton and Table- Tennis in their respective physical category of Orthopedically Handicapped, Wheel Chair bound, Hearing Impaired and Visually Impaired.

• In Athletics, competitions were held in 100m, 200m, 2km Walk, Long Jump, Discuss Throw & 100m – Wheelchair bound. In Badminton & Table Tennis, competitions were held in Singles, Doubles & Mixed Doubles. Maternity Policy Compliance: The provisions of the Maternity Benefit Act, 1961 is strictly ensured by ONGC for all eligible beneficiaries, in accordance with the provisions laid down under the Act.

Sexual Harassment Policy Compliance: In compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, ONGC has established Internal Committees (IC) to address complaints of sexual harassment. Members of these committees undergo training to ensure they possess the necessary skills and knowledge to handle such sensitive matters with care and expertise.

Disclosure under the Sexual Harassment: ONGC has complied with the provisions under the Sexual Harassment of women at workplace (Prevention, Prohibition and Redressal) Act, 2013. As per the provisions under the Act, Internal Committees (IC) have been constituted for dealing with complaints of sexual harassment of women at workplace. The members of the IC have been provided training programs to equip them with relevant knowledge and tact for enquiring into such complaints. Following is a summary of sexual harassment complaints:

39. Industrial Relations

Harmonious Industrial Relations were maintained in your Company throughout the year. Man-days loss due to internal industrial action was reported as ‘NIL' for FY'25.

40. Compliance under the Right to Information Act, 2005

A comprehensive and well-structured framework is in place to manage RTI (Right to Information) applications in accordance with the Right to Information Act, 2005. A senior officer has been appointed as the ‘Nodal Officer' to ensure compliance with the provisions of the RTI Act. In addition, 22 executives have been designated as ‘Central Public Information Officers' (CPIOs) across various work centres within the Company to process and address RTI requests. A senior officer also serves as the First Appellate Authority, responsible for reviewing appeals.

For the convenience of the public, the Company's official website, www.ongcindia.com, provides key information regarding the Right to Information Act, 2005.

During the fiscal year 2025, the Company received a total of 1,210 RTI applications. Out of these, information was provided in response to 945 applications, 41 were rejected and 22 were transferred to the relevant public authorities. Furthermore, 16 applications were returned to the applicants as per the provisions of the RTI Act. As of 31st March, 2025, there were 186 pending requests. In addition, the Company recorded a total of 273 first appeals, including an opening balance of 43. Of these, 63 appeals were resolved during the reporting period, while the remaining 166 are currently under processing by the CPIOs at various locations, following the decisions of the First Appellate Authority.

41. Implementation of Official Language Policy

In alignment with the Official Language Policy of the Government of India, ONGC has made significant strides during the financial year 2025 to promote and implement Hindi as the official language across all levels of operation. Various initiatives were undertaken to ensure compliance with the Official Languages Act and its associated rules. ONGC remains committed to further strengthening its implementation mechanisms in the upcoming year and ensuring consistent adherence to the official language policy.

Some of the accomplishments during the financial year 2024-25 include: (i) As per the Annual Calendar of Rajbhasha activities issued by the Rajbhasha Department, Ministry of Home Affairs, Government of India, all planned activities were successfully executed at ONGC's work centres nationwide throughout the year.

(ii) In line with the directives from the Parliamentary Committee on Official Language, ONGC Headquarters conducted official language inspections at various work centres across the country.

(iii) Executives from the Rajbhasha Department at the Headquarters in Dehradun supported the Official

Language officers at work centres in the preparation of quarterly and annual reports, which were subsequently submitted to the Ministry of Home Affairs' website.

(iv) During 2024-25, every ONGC work centre published biannual Hindi magazines to foster the promotion of the Official Language.

(v) Hindi workshops and coordination meetings were held every three months at all work centres to engage employees with the Official Language and guide them in incorporating it into their daily tasks. Additionally, Unicode Hindi software was installed on all new PCs. (vi) A series of programs, including Hindi technical seminars/webinars, Kavi Sammelans and Hindi plays, were organized at various centres. Notably, a Hindi play titled "With Love, Aap Ki Saiyaara," focusing on women empowerment and featuring Bollywood actress Ms. Juhi Babbar, was staged on 9th June, 2024, at the Community Centre Hall in Dehradun.

(vii) In September 2024, a series of events were held across ONGC work centres as part of the Rajbhasha Fortnight celebrations.

(viii) Hindi books and periodicals were procured at the work centres.

(ix) The e-roster of employees' Hindi proficiency was updated to reflect new hires and training undertaken by staff to enhance their Hindi language skills.

(x) In line with the paperless office initiative, a bilingual approach was adopted to ensure effective implementation of the Official Language Policy. The processing of proposals in Hindi via the Disha portal was actively promoted among employees.

(xi) During 2024-25, the Rajbhasha Parliamentary Committeeinspectedthreeworkcentres—Ahmedabad, Mehsana and Cambay—located in Ahmedabad city. The committee lauded the exemplary implementation of the Official Language at these locations.

(xii) ONGC's work centres in Dehradun, Ankleshwar, Mehsana, Assam, Nazira, Tripura, Cauvery and Rajahmundry hold the chairmanship of NARAKAS (TOLIC) and regularly organize meetings with TOLIC members twice a year to reinforce the adoption of Hindi in official communications.

(xiii) To encourage employee participation in using Hindi for official tasks, an incentive program was introduced, awarding both executives and staff monthly prizes for exemplary contributions to office work conducted in Hindi.

(xiv) ONGC Headquarters hosted a "Literary Seminar and Honor Ceremony" on 10th January, 2025, in celebration of World Hindi Day. Distinguished litterateurs from

Uttarakhand were recognized for their significant literary contributions.

(xv) On 17th February, 2025, the Joint Regional Official Language Conference, organized by the Official Language Department of the Union Ministry of Home Affairs, took place in Jaipur. On this occasion, the Town Official Language Implementation Committee (NARAKAS) Office-2, Dehradun, under the leadership of ONGC Headquarters, received the first prize for exceptional official language implementation, awarded by the Chief Minister of Rajasthan and the Union Minister of State for Home Affairs.

(xvi) The Ministry of Petroleum and Natural Gas, Government of India, recognized ONGC Headquarters in Dehradun with the Incentive Award for the best execution of the Official Language Policy during the 2023-24 period, announced in the 2024-25 financial year.

These initiatives reflect ONGC's unwavering commitment for advancing the use of Hindi and ensuring the effective implementation of the Official Language Policy at all levels of its operations.

42. Sports

As a distinguished Maharatna PSU, ONGC is resolutely committed to the promotion of sports and the advancement of athletes, offering valuable employment opportunities and scholarships to foster their professional growth. The Company's strategic sponsorship of leading sporting associations, federations and high-profile events, coupled with its significant investments in sports infrastructure, has created a robust ecosystem for nurturing athletic talent. These initiatives have enabled numerous sportspersons to bring home prestigious accolades, reflecting both national pride and the Company's unwavering dedication to excellence. In doing so, ONGC has not only contributed to the sporting landscape but has also reinforced its legacy as a champion of talent and achievement.

Some of the significant achievements of our sportspersons during the year were as follows:

(i) ONGCians for Paris Olympics 2024:

Six ONGC sportspersons (employees) represented country and brought laurels for the country by winning 1 medal in Olympics 2024 at Paris, France: a. Mr. Sumit - Bronze Medal in Men's Hockey b. Ms. Ashwini Poonappa – Badminton c. Mr. H.S. Prannoy – Badminton d. Mr. Harmeet Desai – Table Tennis e. Ms. G. Sathiyan (Standby player) – Table Tennis f. Ms. M.R.Poovamma – Athletics (4 X 400 m relay)

Other major Achievements: International

• Ms. Ankita Raina won the ITF World Tennis Tour in Kashiwa (Japan) from 1-7 April 2024.

• Ms. Rashmi Kumari won the 6th Asian Carrom Championship 27 April - 1st May 2024 at Male (Maldives).

• Mr. Virat Kohli was part of ICC T-20 World Cup 2024 winning Indian team from 1-29 June 2024.

• Chess Player Mr. K. Sasikiran won Bronze in 57th International Chess Festival Biel 2024 - Swiss Rapid Fischer Random Championship (960) Fischer Random event on 13th July 2024.

• Chess Player Mr. Deep Sengupta won Gold in Warsaw Chess Festival - XXI Mieczyslaw (Miguel) Najdorf Memorial- Group A from 09-17 July 2024

• B&S Player Mr. Dhruv Sitwala won Gold in Asian Billiards Championship Riyadh from 1st to 5th June 2024.

• B&S Player Mr. Dhruv Sitwala won Gold in Auckland Open Billiards Championship from 11th to 12th Sep 2024.

• B&S Player Mr. Dhruv Sitwala won Gold in New Zealand Open Billiards Championship Auckland from 13th to 15th Sep 2024.

• Chess Players Ms. Koneru Humpy & Mr. Vidit Gujrathi won a team Bronze in FIDE World Blitz Team Championships 2024 at Kazakhstan from 1-6 Aug 2024.

• Chess Player Mr. S.P.Sethuraman won the Commonwealth Chess Championships from 27th Aug – 6th Sep 2024 at Sri Lanka.

• Chess Player Mr. Vidit Gujarati won Gold (Team) in 45th FIDE Chess Olympiad, Budapest, Hungary from 09 – 25 Sep, 2024.

• Chess Player Mr. Vidit Gujrathi won historic Gold in 45th International Chess Olympiad held at Budapest from 10 – 23 Sep 2024. Chess Player Vidit Gujarati won Gold (Team), Silver (Individual) in European Chess Club Cup 2024, Serbia, from 19 – 27 Oct, 2024.

• Table Tennis player Mr. G. Sathiyan won Bronze (Men's Team) in Asian Championships at Astana, Kazakhstan from 6 – 13 Oct 2024.

• Mr. Pankaj Advani won the prestigious SongHe Singapore Open from 2-6 Oct 2024.

• Mr. Sourav Kothari won Bronze in IBSF World Billiards Championship, Doha, from 5 – 9 Nov, 2024.

• Chess Player Mr. Vidit Gujarati won 2nd (Individual) in London Chess Classic 2024, London, UK from 27 Nov – 10 Dec 2024.

• Carrom player Ms. Rashmi Kumari won – Silver (Women Singles), Silver (Women Doubles) & Gold (Women Team) in 6th Carrom World Cup 2024-25 from 10 to 17 Nov 2024 at California (USA).

• B&S Player Mr. Pankaj Advani won Gold in IBSF World Billiar ds Championship from 5th to 9th Nov 2024 & ACBS Asian Snooker Championship from 15th to 19th Feb 2025 at Doha, Qatar.

• Chess player Ms. Koneru Humpy won Gold (Women's Rapid) in FIDE World Rapid & Blitz Championships at New York from 26 – 31 Dec 2024.

• Ms. Koneru Humpy won Gold (Individual) in Women's World rapid chess championship, New York from 26 – 28 Dec 2024.

• Chess player Mr. Vidit Gujarathi won Gold in Freestyle chess qualifiers (Online) held from 14 March 2025.

National

• Ms. Rashmi Kumari won 51st Senior National Carrom Tournament at Gwalior (M.P) in April 2024.

• Carrom player Ms. Rashmi Kumari & Ms. S Ilavzhaki won Silver Medal in 52nd Senior National Carrom Championship (Womens Team) held at Delhi from 17th to 21st March 2025.

• Ms. M.R. Poovamma won Gold Medal in National Federation Cup Senior Athletics Competition at Bhubaneswar from 12-15 May 2024.

• Ms. M.R. Poovamma won Silver Medal (400 mtr) in 77th National Championships at Trivandrum from 18-22 Sep 2024.

• Table Tennis player Mr. G. Sathiyan won UTT National ranking TT tournament Panchkula from 15 – 22 Nov 2024.

• Shooting player Mr. Amanpreet Singh won Silver Medal 50mtr pistol in 67th, National Shooting Pistol Championship held at Delhi from 13th Dec 2024 to 5th Jan 2025.

• Kabaddi player Mr. Rajesh Narwal won Silver Medal in 38th National Game held at Haridwar from 29th Jan to 02nd Feb 2025

• Table Tennis player Mr. Harmeet Desai won Gold Men's Team in 86th National and Inter State Table Tennis Championships at Surat from 17-23 Jan 2025.

• Boxing player Mr. Shiva Thapa won Bronze Medal in 8th Elite Men National Boxing Championship at Bareilly UP from 06th to 14th Jan 2025.

• Boxing player Mr. Shiva Thapa won Silver Medal in 38th National Games held at Pithoragarh, Uttarakhand from 29th Jan to 07th Feb 2025.

• Basketball player Mr. Vishesh Bhriguvanshi won Bronze Medal in 38th National Game held at Dehradun from 26th Jan to 02nd Feb 2025

• Table Tennis player Mr. A.Amalraj won Gold Men's Doubles and won Silver Medal Men's Team in 38th National Games held at Dehardun from 9-13 Feb 2025.

• Table Tennis player Mr. Sourav Saha won Gold Men's Team in 38th National Games held at Dehardun from 9-13 Feb 2025.

• Table Tennis player Mr. G. Sathiyan won Gold Men's Doubles in 38th National Games held at Dehardun from 9-13 Feb 2025.

• Mr. Pankaj Advani won Gold in National Snookar Championship held at Indore from 5-10 Feb 2025.

• Mr. Pankaj Advani won Gold in CCI Classic National a Level Snooker Championship from 5-7 March 2025.

(ii) Recognitions

• Mr. Sandeep Sagwan (Hockey) was conferred with Dhronacharya Award by the Hon'ble President of India.

• The total number of National Awardees in the organization stand at 64 (Padma Bhushan – 1, Khel Ratna – 2, Padma Shri – 6, Arjuna Award – 52, Dhyanchand Award – 2 and Dhroncharya Award – 1)

43. Corporate Social Responsibility (CSR)

As one of India's premier Nation Builders, ONGC remains steadfast in its commitment to fulfilling its social responsibility. The Annual Report on CSR activities is annexed as Annexure – D & E.

44. Regulatory or Courts order

During FY'25, there was no order or direction of any court or tribunal or regulatory authority either affecting Company's status as a going concern or which significantly affected Company's business operations.

45. Details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the FY'25.

During FY'25, there was no application made and no proceeding was pending against the company, under the Inslvency and Bankruptcy Code, 2016.

46. Details of one-time settlement with banks/ financial institutions

The Company didn't make one time settlement with banks/ financial institutions during the financial year.

47. Material changes and commitments affecting financial position between the end of the financial year and date of the report

There have been no material changes and commitments which affect the financial position of the Company that have occurred between the end of the financial year to which the financial statements relate and the date of this report.

48. Directors' Responsibility Statement

Pursuant to the requirement under Section 134 of the Companies Act, 2013, with respect to Directors' Responsibility Statement, it is hereby confirmed that: a) In the preparation of the annual accounts, the applicable accounting standards were followed and there was no material departures from the same; b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2025 and of the profit of the Company for the year ended on that date; c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) The Directors had prepared the annual accounts of the Company on a ‘going concern' basis; e) The Directors had laid down internal financial controls which were being followed by the Company and that such internal financial controls were adequate and were operating effectively; and f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

49. Annual Return

Pursuant to Section 134(3)(a) read with Section 92(3) of the Companies Act, 2013 Annual Return of the Company is placed at https://ongcindia.com/web/eng/investors/annual-return

50. Particulars of Employees

Your Company being a Government Company, the provisions of Section 197 of the Companies Act, 2013 and relevant Rules issued thereunder are not applicable.

The terms and conditions of the appointment of Whole-time Directors are subject to the applicable guidelines issued by the Department of Public Enterprises (DPE), Government of India.

51. Audit Committee

In compliance with Section 177(8) of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and DPE Guidelines on Corporate Governance, 2010, the details regarding Audit Committee is provided under Corporate Governance Report which forms part of Annual Report. There was no instance during FY'25, where the Board had not accepted any recommendation of the Audit Committee.

52. Vigil Mechanism:

Your Company has established Whistle Blower Policy/ Vigil Mechanism to report genuine concerns about ethical behaviour, actual or suspected fraud, violation of Code of conduct and also instances of leak of unpublished price sensitive information. The said vigil mechanism provides for adequate safeguards against victimization of persons who use the mechanism and has provision for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases.

Policy of the Company may be accessed at https://ongcindia.com/web/eng/investors/policies

53. Vigilance Functions:

Your Company has a full-fledged Vigilance Department headed by Chief Vigilance Officer. The Department operates on the guidelines of Central Vigilance Commission on Vigilance management in Public Sector Enterprises and is guided further by instructions issued by the Department of Personnel and Training and MoP&NG from time to time. Vigilance Department of your Company is now ISO 9001:2015 compliant and also holder of prestigious Anti Bribery Management System (ABMS) 37001 : 2016 certification from Intercert, USA.

Complaints are handled as per the complaint handling policies stipulated in Vigilance Manual issued by the Central Vigilance Commission. The prime focus of Vigilance activities has been Preventive and Participative Vigilance by having regular interaction with employees and other stakeholders to spread awareness among the masses.

Details of vigilance cases are as under:

54. Reporting of Fraud:

No Fraud has been reported during 2024-25.

55. Risk Management Policy and Implementation:

The Company has a Board approved Risk Management Policy. Risk framework and Risk portfolio are periodically monitored by the Risk Management Committee, Audit Committee and the Board.

56. Auditors

The Statutory Auditors of your Company are appointed by the Comptroller and Auditor General of India (CAG). There were 5 Practicing Chartered Accountants firms/ Limited Liability Partnership Firms namely Talati & Talati LLP, V Sankar Aiyar & Co, J Gupta & Co LLP, Laxmi Tripti & Associates and Manubhai & Shah LLP, who were appointed as Joint Statutory Auditors of the Company for FY'25. The Statutory Auditors have been paid a total remuneration of 65.65 Million towards audit fees, certification and other services. The above fees are inclusive of applicable service tax/ GST but exclusive of re-imbursement of travelling and out of pocket expenses.

Auditors' Report on the Accounts

Statutory Auditors Reports and the comments of CAG on standalone and consolidated accounts of the Company are placed along with respective financial statements for FY'25. There is no qualification in the Statutory Auditors Reports on the Financial Statements of the Company for FY'25.

Further, Comptroller & Auditor General of India (C&AG) in its Supplementary Audit under Section 143(6) read with Section 129(4) of the Companies Act, 2013, has provided comments in Consolidated and Standalone Financial Statements for FY'25. The comments of Comptroller & Auditor General of India (C&AG) and management reply thereto form part of this Report is annexed as Annexure – F.

57. C&AG Audit on other matters:

The C&AG conducts audits of various nature viz. Performance Audit, Thematic Audit, Compliance Audit, Follow-up Audits, etc. As on 31st March 2025, there are twenty-four published C&AG reports/paras pending at various stages. These are related to Payment of Stagnation Relief, Non-recovery of Perquisite Tax, Loss due to Award of Contract to an incompetent party based on forged documents, Non-receipt of credit and loss of Interest due to delay in installation of Availability Based Meters (ABT), Payment towards Encashment of Half Pay Leave/Earned Leave, Crude Oil Production measurement and reporting system in ONGC, IT Audit on FI-CO Module of SAP, Loss of Interest due to Inordinate Delay in Receipt of Share of Gas Transportation Charges, Delay in Appraisal and Non-Monetisation of the Discoveries in KG-DWN-98/2 Block, Non Achievement of objective of Acquiring Coal Bed Methane (CBM) Blocks, Failure to obtain the Share of Cost of Immediate Support Vessels purchased by ONGC for Security of Offshore Assets from private Exploration and Production (E&P) Operators, Non-recovery of pending Cash Calls, Loss of Returns to ONGC due to Adoption of Financing Mechanism to Maintain the Status of OPaL as a Non-Public Sector Undertaking, Avoidable Payment of Equipment Standby Rentals, Loss of revenue due to sale of crude oil containing Basic Sediments & Water above the norms as per sales agreement, Loss due to acquisition of Low-lying marshy land and delay in putting up of land for its intended use, Undue benefit to the executives in the form of running and maintenance expenses of vehicle, Water Injection Operations in Western Offshore, Loss due to Flaring of High Pressure Gas, Management of Spectrum assigned on administrative basis to Government Departments/ Agencies, Information Systems Audit of the Plant Maintenance Module of SAP ERP in ONGC, Imprudent decision to invest in a block and infructuous expenditure due to subsequent relinquishment of the block, Imprudent decision of accepting the Turbine Generator materials and delay in its commissioning , Persistent delays in clearance of imported consignments led to absorption of demurrage charges. These Audit Paras have been suitably replied and the same are under review of MoP&NG or C&AG.

Auditor(s):

The Company is maintaining the Cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.

There were 6 cost accountants firms, namely M/s. ABK & Associates, M/s. Sanjay Gupta & Associates, M/s. Rao, Murthy

& Associates, M/s Shome and Banerjee, M/s Dhanajay V Joshi & Associates and M/s Dewanji & Co. appointed by the Board as Joint Cost Auditors of the Company for FY'25. Necessary cost audit report shall be prepared by the said auditors and filed with the Central Government as per requirements under the Companies Act, 2013.

59. Secretarial Audit

Your Company has engaged M/s SGS Associates LLP, Practicing Company Secretaries as Secretarial Auditors for FY'25. Secretarial Audit Report is annexed as Annexure – G. Reply of management to the qualifications made in the Secretarial Audit Report are as under: Composition of Board & Board Committees:

ONGC being a Government Company, the power of appointment of Directors (including Independent Directors

- IDs) is vested with the Govt. of India (Gol) in terms of provisions in Articles of Association (AoA) and the Company pursued for appointment of requisite number of IDs. As adequate number of Independent Directors were not available, constitution of Board and Board Committees, namely Audit, Nomination and Remuneration, Stakeholder Relationship and Corporate Social Responsibility Committees did not meet the composition requirements for the period as mentioned in the Secretarial Audit report. The Company appointed three IDs on 28th March 2025 and subsequently Board Committee(s) were also re-constituted

60. Changes in Board of Directors and Key Managerial Personnel

Changes in the Board/ Key Managerial Personnel of the Company during the year and up-to date of the Report are as under:

• Mr. K. C. Ramesh ceased to be CFO of the Company w.e.f. 1st June 2024, consequent upon his superannuation

• Mr. Devendra Kumar was appointed as Chief Financial Officer (CFO), Key Managerial Personnel of the Company during the period of 20th June, 2024 to 2nd July, 2024.

• Mr. Vivek Chandrakant Tongaonkar was appointed as Director (Finance) and CFO of the Company w.e.f. 2nd July, 2024.

• Mr. Arunangshu Sarkar was appointed as Director (Strategy & Corporate Affairs) of the Company with effect from 15th September, 2024.

• Mr. Syamchand Ghosh, Mr. Vysyaraju Ajit Kumar Raju, Mr. Manish Pareek and Ms. Reena Jaitly ceased to be Independent Directors of the Company with effect from 8th Novmber, 2024 upon completion of their tenure of three years.

• Dr. Prabhaskar Rai, ceased to be Independent Director of the Company with effect from 27th December, 2024 upon completion of his tenure of three years.

• Mr. Om Prakash Singh, ceased to be Director (Technology & Field Services) of the Company w.e.f. 1st January, 2025 consequent upon attaining the age of superannuation.

• Upon completion of tenure of three years, Dr. Madhav Singh, ceased to be Independent Director of the Company w.e.f. from 24th January.2025.

• Mr. Vikram Saxena was appointed as Director (Technology and Field Services) of the Company w.e.f. 6th March, 2025.

• Mr. Bhagchand Agarwal, Ms. Reena Jaitly and Mr. Manish Pareek were appointed as Independent Directors of the Company w.e.f. 28th March, 2025.

• Mr. Om Prakash Sinha was appointed as Director (Exploration) on 14th July, 2025 The Board placed on record its appreciation for commendable contribution made by Mr. Om Prakash Singh and Independent Directors during their tenure on the Board of your Company.

61. Declaration by Independent Directors:

The Company has received declaration from Independent Directors confirming that they met the criteria prescribed under the provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

62. Acknowledgement

Your Directors are highly grateful for all the help, guidance and support received from the Ministry of Petroleum and Natural Gas, Ministry of Finance, DPE, MCA, MEA, and other agencies in Central and State Governments. Your Directors' acknowledge the constructive suggestions received from Auditors and Comptroller and Auditor General of India and are grateful for their continued support and cooperation. Your Directors thank all stakeholders, business partners and all members of the ONGC Family for their faith, trust and confidence reposed in the Board. Your Directors wish to place on record their sincere appreciation for the unstinting efforts and dedicated contributions put in by the ONGCians at all levels to ensure that the Company continues to sustain, grow and excel.