ONGC and ONGC Videsh  OVL  aid the government of India's objective of ensuring energy security. OVL acts as India's upstream producer in international markets and helps in maintaining diplomatic and strategic ties with different countries. Out of these, 23 blocks are based on Expressions of Interest  EoIs  received from companies from April 2022 to March 2023, while five were carved out by the Directorate General of Hydrocarbons  DGH .The government has been hoping that opening up more acreage for exploration will help boost India's oil and gas production, helping cut down the $222 billion oil import bill, according to reports. ONGC is India's largest domestic crude oil and natural gas producer with proven reserves of 806.9 million metric tonnes of oil equivalent  mmtoe  as of March 2023. Furthermore, the company is likely to see a healthy accretion of both oil and gas production from the KG-Basin, which has total reserves of around 65.69 million metric tonnes of oil equivalent  mmtoe , according to India Ratings and Research  Ind-Ra ONGC, on a standalone basis, has a long-term repayment of Rs 3,270 crore in FY24 and nil in FY25.
ONGC and OVL aid India's energy security by boosting oil and gas production, reducing the $222 billion oil import bill. ONGC, with proven reserves of 806.9 million metric tonnes of oil equivalent, has a long-term repayment of Rs 3,270 crore in FY24.