Oil & Natural Gas Corporation Limited has achieved a major operational milestone with the successful monetisation of its Daman Upside Development Project (DUDP) on March 29, 2026. The company announced that gas has begun flowing from Platform B-12-24P, marking the commencement of production from this significant offshore development.

Project Overview and Location

The DUDP is strategically positioned in western offshore waters, approximately 180 km northwest of Mumbai and 80 km south of Pipavav, Gujarat. This major development represents a substantial investment with a total capital expenditure of USD 1 billion.

Platform Commissioning and Gas Flow

Platform B-12-24P has been successfully commissioned, with gas now being transmitted to the Hazira Plant. This achievement represents the first monetisation milestone for the DUDP project, establishing the foundation for ongoing production operations from the development.

Project Execution Timeline

The project demonstrates exceptional execution efficiency, having been completed in less than two years from the date of award. This accelerated timeline was achieved through several key factors:

• Strong project execution capabilities
• Innovative use of Drill-Deck technology
• High-performance drilling operations
• Effective production team coordination

Production Ramp-Up Strategy

ONGC has indicated that production from all wells within the DUDP will be increased in a phased manner following this initial milestone. This systematic approach to production ramp-up is designed to optimise output while ensuring operational stability across the development.

Strategic Significance

The successful commencement of gas monetisation from Platform B-12-24P marks a significant achievement for ONGC's offshore operations. The project's completion within the accelerated timeframe demonstrates the company's enhanced project management capabilities and technological innovation in offshore development.

Oil & Natural Gas Corporation Limited has announced the completion of tenure for three Independent Directors, effective March 28, 2026. The company made this disclosure to stock exchanges in compliance with regulatory requirements under SEBI listing obligations.

Directors Completing Tenure

The following Independent Directors have ceased their positions upon completion of their respective tenures:

All three directors completed their tenure simultaneously on March 28, 2026, marking the end of their service as Independent Directors on the company's board.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. This regulation mandates listed companies to disclose material events and information that could impact investor decisions, including changes in board composition.

The disclosure was communicated to both major stock exchanges where ONGC shares are listed:

• National Stock Exchange of India Ltd (Symbol: ONGC, Series: EQ)
• BSE Limited (Security Code: 500312, NCD: 959881)

Corporate Governance Impact

The simultaneous completion of tenure for three Independent Directors represents a significant change in ONGC's board composition. Independent Directors play a crucial role in corporate governance by providing unbiased oversight and strategic guidance to management.

The notification was signed by Shashi Bhushan Singh, Company Secretary & Compliance Officer, ensuring proper documentation and compliance with regulatory requirements. This formal communication maintains transparency with stakeholders and regulatory authorities regarding board composition changes.