Chairman & CEO (CMD), Oil and Natural Gas Corporation Limited (ONGC)
देश की Growth में Energy की भूमिका बेहद अहम, जानिए ONGC के Chairman Arun Kumar Singh का Outlook
ONGC Chairman Arun Kumar Singh in an exclusive interview with ET Now Swadesh
ONGC के Chairman Arun Kumar Singh ने आज ET Now Swadesh के साथ देश की Growth में Energy की भूमिका बेहद अहम पर अपना Outlook दिया। उन्होंने बताया कि देश में एनर्जी की डिमांड बहुत तेजी से बढ़ रही है। अगले 20 साल भारत की ग्रोथ स्टोरी मजबूत रहेगी। ग्रोथ की रफ्तार कायम रखने में एनर्जी बेहद अहम है। परंपरागत और गैर- परंपरागत एनर्जी से डिमांड पूरी करनी होगी। पूरी बातचीत के लिए देखिए यह Video
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About Arun Singh
Arun Kumar Singh, Chairman and CEO of ONGC, stated in January 2025 that the company drilled a well based purely on AI predictions and achieved 98% accuracy, adding that AI investment is expected to significantly improve efficiency in oil exploration and development over the next 3-4 years. He also said that a new deal with BP could yield a 60% gain in recovery from a major reservoir. Singh has emphasized that India will require substantial fossil fuel use to sustain economic growth for the next 20-25 years, and that ONGC has a national responsibility to explore offshore and deepwater areas, committing to an annual capital expenditure of 35,000 crore rupees. In earlier remarks, Singh described the global push against fossil fuels at COP28 as "very hard" and noted that the energy transition presents challenges, including the need to socialize grid costs for renewable power. He stated that ONGC is committed to both oil and gas production and the energy transition, and that the company aims to bring as much gas as possible from its fields to land. Singh also said that India's energy demand will grow significantly over the next 10-20 years, and that ONGC will continue to explore and produce domestically.
Transcript (12 segments)
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Narrator0:00
Here, India's growth story is going to remain very strong, due to which energy demand will also be very high. In such a time, the country needs both traditional and unconventional sources. In an exclusive conversation, let's hear what he said to correspondent Prakash Priyadarshi.
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Reporter0:16
Thank you.
If we talk about Energy Week, such a mega event is going to take place at a time when discussions about an energy crisis are going on worldwide, along with recession concerns as well. How important is this event going to prove for India's energy security?
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Arun Singh0:36
India, in my view, in the next 10-20 years across the entire world, Indian energy demand will be so high that there won't be such growth anywhere else. That's the opportunity. Second, the dividend of deceleration, and third, the solid foundation also favors India. And fourth, a little bit of decoupling is also happening. The energy that comes from behind, all four together mean India's demand will be very high.
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Reporter1:16
The question in this is that we need both worlds — excessive production from the conventional world and more domestic production, and secondly, the renewable energy space is also needed. So we need equal focus in both areas. It is not a question of 'or', it is a question of 'and'. Who are the partners you are looking for to collaborate with in both these spaces? Because ONGC is also searching for partners for its old fields. You've done some collaborations as well?
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Arun Singh1:56
No, we are not doing anything for old fields because there are some areas where we need a partner, and we understand that having a partnership there will not only help in exploration but also in development and production. So we are exploring that. That is one expression of partnership. And the second space, particularly in the new space of hydrogen and LNG — those are also spaces we are looking at. So we are looking at both angles through this event, to do whatever we can.
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Reporter2:26
At a time when India is going across the globe, keeping its energy security in mind, what kind of investment possibilities do you see in the E&P sector, and what is the company's perspective?
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Arun Singh2:42
That's a bit of a geopolitical matter. If you're talking about outside India, the picture will gradually become clearer, then I'll be in a better position to comment. But what we can explore and effort within India — finding and producing — we will put our full strength into doing both of those things.
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Reporter3:03
Prices have been seeing some decline, but in the context of the global recession trend, sir, what outlook do you see for the coming year?
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Arun Singh3:11
I have already said that crude will remain range-bound for now. It will keep moving slightly up and down unless there is some major disturbance. If the current forces operating in the world remain as they are, I don't see much variation in crude. If we say plus or minus five dollars, it will remain around that range.
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Reporter3:33
One last question. The Kirit Parikh Committee has submitted its report on natural gas pricing. The report is in the public domain. The committee has recommended a selling price range of around $6.5 to $4. How do you look at this from ONGC's perspective? Is this right? And the committee has also recommended an increase of $0.5 per mmBtu every year.
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Arun Singh3:58
First, the $6 figure is only for APM gas — the ultra-deep, high-pressure, high-temperature gas — its price will be different. That is IM, sir. So in exploration and production in that area, there won't be any difference. As far as the $4 and $6 question is concerned, in my view, for the nomination fields, the APM fields — this price, as of today, the government has said it is a balance to protect consumer interest and also protect producer interest. After 2027, the government says it will also free it up to be market-based. So I don't see any problem with this. It's a well-thought-out approach because ONGC is a PSU, has its own cost, and the country also has its own interest — consumers should have affordability. If the price becomes too high, the CGD business will face problems. So this is a balance of interest, and the PSU producer's interest. In my view, in the current context with all the forces operating, if this is in the public domain as you said, I don't see any difficulty with it. And since a linked recommendation has been made, in the current context this formula seems fine. Let's see what finally comes. We'll wait for the final approval — it's a recommendation, not yet approved. When the final version comes, I'll talk to you about it. Thank you.