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Recent Current Affairs related to ONGC

4 News
27 July 2026 ECONOMY

According to provisional data released by the RBI, India's outward Foreign Direct Investment (FDI) declined by 47.9% year-on-year (Y-o-Y) to $3 billion in June 2026, compared to $5.74 billion in June 2025.

The decline was observed across all three components of outward FDI commitments: equity, debt, and guarantees. In June 2026, equity commitments stood at $738 million, debt at $469.87 million, and guarantees at $1.78 billion. The largest FDI equity commitments were recorded by ONGC Videsh Rovuma Ltd (OVRL), followed by Lenskart and GFCL EV products.

24 July 2026 SCIENCE

VK Saxena, the Lieutenant Governor of Ladakh, has commissioned India's first and deepest two 1,000-metre geothermal wells at Puga Valley, Ladakh. These wells, executed by the Oil and Natural Gas Corporation Ltd (ONGC) Energy Centre, are critical for the 1 Megawatt (MW) Pilot Geothermal Power Plant.

This project is India's first demonstration-scale geothermal power project situated at an altitude of over 14,000 feet. It is to be noted that the wells reached a maximum temperature of 135°C at a depth of 400m.

1 June 2026 AGREEMENTS

Vinod Saxena, the Lieutenant Governor (LG) of Ladakh, has approved a 5-year extension of the MoU with the Oil and Natural Gas Corporation (ONGC) for the development of the first geothermal power project in India.

Under the agreement, the ONGC will construct a 1 MWe pilot geothermal power plant in the Puga Valley of eastern Ladakh, at an altitude of over 14,000 ft.

1 May 2026 BUSINESS

Oil and Natural Gas Corporation Ltd (ONGC), operating under the Ministry of Petroleum and Natural Gas (MoPNG), has approved the formation of a Joint Venture (JV) with its subsidiaries, Mangalore Refinery and Petrochemicals Ltd (MRPL) and ONGC Petro additions Ltd (OPaL).

The JV will focus on integrated petrochemicals marketing and trading. The shareholding structure of the JV consists of ONGC at 50% (₹25 crore), MRPL at 25% (₹12.5 crore), and OPaL at 25%. The proposal is subject to approval from the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance (MoF).

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