Oil and Natural Gas Corporation Ltd has appointed Shri Anupam Agarwal as Director (Finance) and Chief Financial Officer (CFO) with immediate effect, replacing Shri Yogish Nayak S. The decision was taken during a Board meeting held on June 25, 2026, which commenced at 17:30 hrs and concluded at 21:15 hrs. This leadership change is aimed at reinforcing the company's financial stewardship and strategic direction.

Board Approvals

The Board of Directors approved the appointment of Shri Anupam Agarwal (DIN: 09601339) as CFO and Key Managerial Personnel. Concurrently, the Board designated Shri Satyan Kumar (DIN: 10181958), Director (Strategy & Corporate Affairs), as a Key Managerial Personnel of the company effective immediately.

Profile of Shri Anupam Agarwal

Shri Anupam Agarwal brings over 35 years of experience in finance and commercial management within the oil and gas sector. He is a Fellow Member of the Institute of Cost Accountants of India, an Associate Member of the Institute of Company Secretaries of India, and a Chartered Financial Analyst from ICAI, Hyderabad. He holds a Bachelor's degree in Commerce and a Master of Business Administration (Finance) from Lucknow University.

Agarwal joined ONGC in 1990 as a Finance & Accounts Officer and has held various assignments across Baroda, Dehradun, Jorhat, Mumbai, and Delhi. Prior to this appointment, he served as Director (Finance) of ONGC Videsh Limited since June 2022 and was Chairman of ONGC Overseas Investment Limited (OOIL). During his tenure at ONGC Videsh, the entity mobilized funding in excess of US$ 3 billion through competitively structured financing arrangements.

Key Appointments

Oil and Natural Gas Corporation (ONGC) appointed bp as the technical services provider for its Western Offshore Basin under a new Technical Services Contract signed on 25 June 2026. The agreement covers 43 blocks and aims to moderate natural production decline and improve hydrocarbon recovery from mature assets. This collaboration expands the existing partnership between the two companies from the Mumbai High field to the broader basin, which is ONGC's most prolific hydrocarbon-producing region.

Strategic Scope and Operational Control

The Western Offshore Basin has contributed significantly to India's energy requirements for over four decades. As India's National Oil Company, ONGC accounts for approximately 64 per cent of the country's domestic crude oil and natural gas production. Under the contract terms, bp will receive a fixed fee for the first two years, followed by a service fee linked to a percentage share of revenue generated from net incremental hydrocarbon production. ONGC will retain complete ownership and operational control of the assets.

Management Statements

ONGC Chairman and CEO Arun Kumar Singh stated that the expanded collaboration builds on encouraging outcomes at Mumbai High and will support improved recovery and efficiency. bp India Chairman Kartikeya Dube expressed commitment to bringing bp's global expertise to strengthen India's energy security through enhanced production from the Western Offshore Basin.