Oil and Natural Gas Corporation has appointed Shri Anupam Agarwal as its Director (Finance) effective June 3, 2026. The appointment, approved by the Board of Directors, follows a letter from the Ministry of Petroleum and Natural Gas. Shri Agarwal will serve in this capacity until the date of his superannuation on July 31, 2028, or until further orders, whichever is earlier. The company submitted the filing in accordance with Regulation 30 of the SEBI (LODR) Regulations, 2015.

Career Trajectory

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 ICFAI, Hyderabad. An alumnus of Lucknow University, he holds a Bachelor’s degree in Commerce and a Master of Business Administration (Finance).

Shri Agarwal joined oil & natural gas corporation in 1990 as a Finance & Accounts Officer. He has held various assignments across Baroda, Dehradun, Jorhat, Mumbai, and Delhi, covering the entire spectrum of finance functions at operational and corporate levels. Prior to this appointment, he served as Director (Finance) of ONGC Videsh Limited since June 2022.

During his tenure at ONGC Videsh, he also served as Chairman of ONGC Overseas Investment Limited (OOIL) and as a Director on the Board of ONGC Videsh B.V., Amsterdam. He played a key role in restructuring overseas entities to improve governance and compliance, and mobilized funding in excess of US$ 3 billion through competitively structured financing arrangements. Notably, he established ONGC Overseas Investment Limited (OOIL) at GIFT City as the Group’s Global Treasury Centre.

Key Details of Appointment

Earlier, as Executive Director – Chief Corporate Finance at ONGC, he steered functions including Direct Tax, Indirect Tax, Policy matters, Investor Relations, Corporate Budget, and Project Appraisal. His contributions have been recognized with awards such as the ASSOCHAM Best CFO Gold Award 2025 for Excellence in Finance Transformation & Innovation and the CFO – Outstanding Performer Award at the CMA Awards 2024.

Oil & Natural Gas Corporation has initiated a postal ballot process to seek shareholder approval for material related party transactions associated with its Area-1 Offshore Mozambique Project. The company is proposing two key resolutions: an AssetCo structure involving asset transfers and an amendment to the Debt Service Undertaking (DSU). The total estimated value of these transactions exceeds USD 5.5 billion.

The first resolution seeks approval for ONGC Videsh Rovuma Limited (OVRL) and Beas Rovuma Energy Mozambique Limited (BREML), step-down subsidiaries of the company, to transfer Golfinho-Atum project related assets to Moz LNG1 AssetCo, Limitada. This transaction, valued at approximately USD 2,440 million, will be executed as an Asset for Equity transfer followed by an Equity for Equity transaction with Moz LNG1 HoldCo, Limitada. The restructuring aims to align the project with customary international project financing structures, offering regulatory and debt management advantages.

The second resolution pertains to the amendment of the existing guarantee support in the form of a Debt Service Undertaking (DSU) provided to senior creditors. The company proposes to extend the validity of this DSU, which guarantees the repayment of its proportionate share of senior debt obligations, up to 2033. The value of this guarantee support is not expected to exceed USD 3,072 million. This extension is necessary to facilitate project financing arrangements for the 16% Participating Interest held through subsidiary and associate companies of ONGC Videsh Limited.

The Board of Directors has reviewed the certificates provided by the Whole Time Director and the CFO of the company, noting that the Audit Committee was absent during the review. The company stated that the terms of the proposed transactions are not unfavourable compared to those between unrelated parties. The transactions were delayed in FY 2025-26 due to pending approvals from lenders, necessitating fresh approvals from shareholders.

Shashi Bhushan Singh, Company Secretary & Compliance Officer, signed the notice on June 3, 2026. The remote e-voting period commences at 10:00 AM (IST) on June 4, 2026, and concludes at 05:00 PM (IST) on July 3, 2026. Shri Sachin Agarwal of M/s. Agarwal S. & Associates has been appointed as the Scrutinizer for the postal ballot and e-voting process.