Oil & Natural Gas Corporation Limited (ONGC) has issued a stern public notice alerting stakeholders about fraudulent activities involving the unauthorized use of its corporate name. The warning specifically targets an entity operating under the name "ONGC INDIA" that has been falsely claiming association with the state-owned oil and gas major.

Fraudulent Entity Details

The corporation has clarified that the entity using the name "ONGC INDIA" has no legitimate connection to Oil and Natural Gas Corporation Limited or any of its subsidiaries and group companies. ONGC emphasized that this unauthorized use appears to be conducted with malicious intent to mislead stakeholders and obtain wrongful gains through misrepresentation.

Stakeholder Advisory

ONGC has issued comprehensive guidance to various stakeholder categories to protect them from potential fraud:

• General public, government authorities, vendors, and contractors are advised to exercise extreme caution
• Banks and financial institutions should verify any claims of ONGC association independently
• All stakeholders must immediately cease any dealings with the fraudulent entity
• Any transactions undertaken with such entities will be entirely at the risk and cost of the concerned parties

Legal Action and Reporting

The corporation has taken a firm stance on protecting its corporate identity and stakeholder interests. ONGC has reserved the right to initiate stringent civil and criminal proceedings against the fraudulent entity and all persons involved in acts of impersonation, misrepresentation, cheating, and fraud.

The company has requested anyone who has encountered or engaged with such unauthorized entities to report the matter to ONGC along with relevant documentary evidence. This will enable the corporation to take appropriate legal action in accordance with applicable laws.

Corporate Commitment

ONGC reaffirmed its commitment to safeguarding stakeholder interests while maintaining the highest standards of transparency and integrity in all its operations. The public notice serves as part of the company's ongoing efforts to protect its corporate reputation and prevent financial losses to unsuspecting parties who might fall victim to such fraudulent schemes.

Oil & Natural Gas Corporation has disclosed receiving ESG ratings and climate change scores from independent rating agencies, as mandated under SEBI regulations. The energy major shared these assessments with stock exchanges on December 13, providing stakeholders with insights into its sustainability performance.

ESG Rating Performance

NSE Sustainability Ratings and Analytics Ltd awarded ONGC an overall ESG rating of 62, placing the company in the 'Adequate' rating category. The comprehensive assessment evaluated the company across three key pillars:

The rating agency noted that ONGC did not engage them for this assessment. Instead, the ESG rating was prepared independently using information available in the public domain, including annual reports, ESG reports, BRSR filings, and stock exchange disclosures.

Environmental Performance Challenges

The Environment pillar score of 51 reflects several areas requiring improvement. Key factors impacting this score include:

• Greenhouse gas emissions from direct operations exceeding industry averages
• Higher-than-standard Scope 3 emissions with a 31.00% increase compared to the previous year
• Energy intensity remaining above benchmarks
• Lagging behind peers in renewable energy adoption

Water management showed mixed results, with water intensity performance improving by 22.00% year-on-year. However, waste management metrics indicated challenges:

• Waste generation per unit of production decreased by only 12.00%
• Waste recycling and recovery fell significantly short of peer performance with a 71.00% decrease compared to the previous year

Social and Governance Strengths

The Social pillar achieved the highest score of 73, driven by strong safety and employee welfare metrics. ONGC demonstrated:

• Low lost time incident rate compared to peers
• Competitive employee benefits
• Permanent employee health insurance coverage at par with industry norms
• Adequate accident insurance provision

However, the company reported 2 fatalities during the assessment year.

Governance scored 63, reflecting adequate board composition and committee structures. The company:

• Fulfilled regulatory requirements for women representation on the board
• Maintained better-than-required percentages of independent directors across various committees, including Nomination and Remuneration, Audit, Risk Management, and CSR committees

Climate Change Assessment

CDP (Carbon Disclosure Project) awarded ONGC a B score for climate change performance. This assessment was based on information obtained directly from the company. The CDP evaluation covers various categories including business strategy, governance, risk disclosure, emissions management, and environmental policies.

Core ESG Rating Framework

Additionally, ONGC received a Core ESG Rating of 58, comprising:

• Environment score: 45
• Social score: 75
• Governance score: 56

This rating focuses specifically on third-party assured or audited data derived from BRSR Core disclosures, emphasizing transparency and reliability in sustainability reporting.

The disclosure fulfills ONGC's obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in ESG performance for investors and stakeholders.