Oil & Natural Gas Corporation Limited announced key strategic decisions during its board meeting held on April 25, 2026, including the appointment of a new Chief Financial Officer and approval of significant investments in petrochemicals and gas infrastructure projects.

New CFO Appointment

The board approved the appointment of Shri Yogish Nayak S. as Chief Financial Officer and Key Managerial Personnel of the company, effective May 1, 2026. The appointment will be on existing terms and conditions applicable to him as an employee of the company.

Shri Yogish Nayak S. brings over 30 years of professional experience in corporate finance within the oil industry. A Chartered Accountant and commerce graduate from St. Aloysius College, Mangalore, he began his career at Mangalore Refineries and Petrochemicals Ltd. (MRPL) in September 1995. He has extensive experience across corporate accounts, costing, budget, treasury, taxation, capital investments, and marketing finance. Currently serving as Executive Director - Chief Corporate Finance at ONGC, he previously held the CFO position at MRPL from July 2024 to March 2025 and from April 2022 to May 2023.

Professional Background and Expertise

The newly appointed CFO has demonstrated significant expertise in complex financial operations, including handling the merger of subsidiary company OMPL, a petrochemical complex situated in Mangalore SEZ. He was also part of the core team during the first-time implementation of SAP systems in MRPL. Additionally, he serves on the Board and as a Member of the Audit Committee of Mangalore SEZ Ltd. as Nominee Director of ONGC.

Petrochemicals Joint Venture Formation

Subject to DIPAM approval, the board approved the formation of an Integrated Petrochemicals Marketing & Trading Joint Venture Company in partnership with OPaL and MRPL. The shareholding structure will be distributed in a 50:25:25 ratio among ONGC, MRPL, and OPaL respectively.

The proposed joint venture aims to integrate petrochemicals marketing operations of group companies and create operational synergies. Expected benefits include cost reduction, revenue enhancement through improved pricing mechanisms, logistics optimization, grade optimization, and production of specialty grades. The JVC will also explore third-party sales opportunities, addressing the nation's import dependency in certain petrochemicals.

Gas Infrastructure Investment

The board approved significant financial commitments for the Duliajan Feeder Line Project through Indradhanush Gas Grid Limited (IGGL). This project will be implemented as an integral component of the North East Gas Grid Project, following directives from the Ministry of Petroleum and Natural Gas.

Board Meeting Details

The board meeting commenced at 18:40 hours and concluded at 21:30 hours on April 25, 2026. The decisions reflect ONGC's strategic focus on strengthening leadership capabilities, expanding petrochemicals operations through partnerships, and supporting national gas infrastructure development initiatives.

Oil & Natural Gas Corporation has received a stop production order from the Andhra Pradesh Pollution Control Board (APPCB) for environmental violations at its Mori#05 Well. The order was received on 24.04.2026 following a well blowout and fire incident that occurred earlier this year.

Incident Details and Background

The environmental violations stem from a well blowout followed by a fire incident that occurred at Well Mori#05 on 05.01.2026. The Mori field, containing the affected well, had been handed over to Production Enhancement Contract (PEC) operator M/s Deep Exploration Services Private Limited (M/s DESPL) in 2025.

Regulatory Action and Violations

The APPCB initially issued a show cause notice to both contractor M/s DESPL and ONGC for environmental violations. Subsequently, the board issued the stop production order dated 23.04.2026, which was received at the ONGC Rajahmundry Office on 24.04.2026.

The specific violations cited include:

• Operating without obtaining Consent to Establish/Consent to Operate
• Causing air pollution and potential environmental damage

The APPCB exercised its powers under Section 33(A) of the Water (Prevention & Control of Pollution) Act, 1974 and Section 31(A) of the Air (Prevention & Control of Pollution) Act, 1981 to issue the stop production order in the interest of safeguarding public health and environment protection.

Operational Impact and Well History

The Mori#05 well has a significant operational history, having been drilled in March 1994 and remaining on production from January 1995 to April 2009. Importantly, there has been no production from the well since April 2009.

The Mori field was handed over to PEC contractor M/s DESPL via Notice of Award dated September 2024 for production enhancement. A zone transfer operation was planned by M/s DESPL to recomplete the well in the leftover zone when the uncontrolled blowout event occurred during the workover job on 05.01.2026.

Company Response and Financial Impact

ONGC successfully capped the well on 10.01.2026 through the efforts of its Crisis Management Team, and the well has remained closed since then. The company has assessed that considering the size and scale of its operations, the impact is not considered significant.

The company has indicated its intention to review the order in detail and respond accordingly to the regulatory authority. This measured response reflects the company's approach to addressing the environmental compliance issues while maintaining operational continuity across its broader portfolio.