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.

Oil and Natural Gas Corporation Limited oil & natural gas corporation announced changes in its senior management effective June 1, 2026, following the superannuation of three Executive Directors. The disclosure was made to the stock exchanges under Regulation 30 of the SEBI (LODR) Regulations, 2015.

The company informed the National Stock Exchange of India Ltd. and BSE Limited that the personnel changes affect officials one level below the Board. The transition was recorded as part of the company's standard compliance procedures.

The following executives have superannuated from their positions:

The filing was submitted by Shashi Bhushan Singh, Company Secretary & Compliance Officer, on behalf of Oil and Natural Gas Corporation Limited.