1) ONGC is India's largest national oil company and has a significant role in defining India's hydrocarbon landscape through its dominant domestic exploration acreage and reserves holdings. 2) It has discovered oil and gas in 6 of India's 7 producing sedimentary basins and continues to make new discoveries, with 21 in FY10 and 19 in FY11. 3) ONGC has substantial capital expenditure plans of over INR 592 billion for FY11-FY12 to further develop India's energy resources and increase domestic production.

1. Corporate Presentation

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2

3. ONGC Group: An Introduction
India’s Flag Bearer  Significant role in defining India’s hydrocarbon landscape
 Largest domestic exploration acreage and mining lease owned (PEL:51%, ML: 67% and
for Energy Security
reserves 58%)(1) as on March 31, 2010
With Global Footprint  Significant overseas investments with 34 projects in 15 countries(2)
 One of India’s most profitable enterprise (3)
 Most valuable Indian public sector enterprise by Market Capitalisation (4)
Global Size & Scale  MCap of INR 2,517 bn(4), Revenues: INR 1,086 bn, EBITDA: INR 475 bn; Profit:INR 194 bn in FY10
 Produced 60.9 mtoe of oil / oil equivalent gas, refining capacity of 12.5mtpa and extracted
3.4mtpa of LPG, Naptha etc from gas / condensate in fiscal year 2010
 Presence across the hydrocarbon value chain and strength in Exploration & Production
Integrated Oil & Gas  In-house capabilities in all facets of upstream oil and gas business
Company  Presence across E&P, Refining, Petrochemicals, Power, LNG, & diversification into new
energy sources
 Credit rating of A2 (Stable) from Moody’s and LAAA from ICRA
Globally Acclaimed  # 1 E&P company in the world(5) ; # 18 energy company in the world(5)
 # 155 in the Forbes Global 2000 list and a Fortune 500 Company
1. Source: MoPNG; PEL – Petroleum Exploration License, ML – Mining Lease; Reserves only for ONGC operated fields
2. Other than the 34 projects mentioned above there are 6 projects/blocks which are currently being relinquished by the ONGC Group
3. Based on Net Profit For Financial Year Ending March 31, 2010.
4. As on Feb 1, 2011, Bloomberg
5. Platts
3

4. ONGC Group: Presence Across The “ Energy
Spectrum”
E&P, the core
business
Indian E&P
Indian E&P
Overseas E&P
Overseas E&P Refinery
Refinery SEZ
SEZ Value-chain
Value-chain Power
Power
(100%) (71.6%) (26%) (50%)
(26%)
(23%)
(49*%) Services
Services
Joint Ventures
Joint Ventures Primary Subsidiaries
Primary Subsidiaries
(49%)
(100%) (23%)
(12.5%)
(100%) (21.5%)
(100%) (50%)
ONGC Amazon Alaknanda Ltd
(100%)
Jarpeno Ltd
(100%)
Carabobo One AB
* OMPL: 46% ONGC & 3% MRPL
4

5. ONGC Group: A Rich Heritage
1999: Stake sale by GOI to 2011: Shale Gas
IOC (10%), GAIL (2.5%)
2010: Maharatna Status
1997: Navratna Status 2010: CBM, Carabobo (Venezuela)
1993/94: Divestment of 2% 2008: Acquired Imperial Energy
equity by GoI; 2% offered to
employees 2006: OPAL, OMPL, MSEZ & OTPC
2004: FPO (10% GOI Divestment)
1974: 1st offshore discovery - 2010
Bombay High 2003: Production in Sudan &
Vietnam begins
1965: Established OVL
2003: Acquired MRPL
1956: Inception of Oil &
Natural Gas Commission
Group CAGR (FY02–FY10) (1)
Turnover: 20.8%
2000
Net Profit: 15.3%
1950
ONGC Group is evolving into an integrated Oil & Gas Company with a Global Footprint
(1) CAGR figures for ONGC Group
5

6. Key Highlights
1
Industry Fundamentals Remain Intact
6
2
Experienced Management Team;
With Successful Track Record & India’s National Oil Champion
Robust Financials
“Poised for the
5
Integrating Across E&P and
Future” 3
Significant International Footprint
Energy Value Chain coupled with
with Demonstrated Track Record
New Growth Diversification
4
World Class Operations and Large
Reserve Base
ONGC is Well Positioned to Deliver Long Term Growth
6

7. Macroeconomic Environment Overview
World Economy is on the Path to Recovery… .. Supported Primarily by Emerging Growth Engines
10 Emerging 10.3%
8 6.5% 9.7% 9.6% 9.5%
6 World 4.5%
4
%
8.4% 8.4%
2 Developed 2.5%
0
(2)
(4)
(6)
2001 2003 2005 2007 2009 2011 2012
CY2010E CY2011E CY2012E
Source: IMF- Overview of the World Economic Outlook Projections, Jan 25, 2011 Source: IMF- Overview of the World Economic Outlook Projections, Jan 25, 2011
... Resulting in Global Energy Consumption Growth Crude Price Trends
(btoe)
IPE Brent Close (US$)
140
120
Brent (US$/bbl)
100 Current: $99/bbl
80 5yr avg 76.2/bbl
60
40
20
-
2006 2007 2008 2009 2010 2011
IPE Brent Close (US$)
Source: BP Statistical Review of World Energy June 2010 Source: Current price as on Jan 31, 2011 as per Bloomberg
7

8. Robust Domestic Fundamentals
India’s Oil and Gas Consumption is Amongst the Highest in the World
 India is the 4th largest Oil consumer in the World
Oil Consumption in 2009 (mmt) Gas Consumption in 2009 (bcm)
843
647
405 390
198
149 125 122 114 104 104 132
97 89 87 87 78 77 72 70 59 52
Japan
India
China
Russia
Arabia
South
Korea
Canada
Brazil
US
Germany
Saudi
Iran
Japan
India
Italy
Russia
Canada
Arabia
Mexico
US
UK
UAE
Germany
Saudi
Sources : BP Statistical Review of World Energy June 2010 Sources : BP Statistical Review of World Energy June 2010
Comparatively Low Per Capital Consumption Implying Significant Long Term Consumption Growth
(mtoe)
Consumption (MTOE)
Sources : World Energy Outlook 2009 Sources : World Energy Outlook 2009
8

9. Untapped Opportunities in India
Despite Increasing Production, India Remains a Net Importer of Crude (1)
 Significant increase in Net Crude Imports over the last 10 years (153 mmt in FY10)
 Import value currently stands at INR 3.7 tr (FY10)
 One of the largest net importers of oil globally, imports ~77% of its oil needs based on consumption (1)
India’s Hydrocarbon Reserves are a Small Fraction of Global Reserves (2)
Oil India, Gas ROW, India,
ROW, 0.4%
15% 0.6% Iran,
22%
 0.44% of World’s Oil reserves 16%
Qatar,
 0.60% of World’s gas reserves Russia, 14%
24%
OPEC, FSU,
77% 31%
Domestic Resources Remain Significantly Under-explored (3)
Poorly
 ~1.79 mn sq. km. of sedimentary basins in India Explored,
22%
Explored,
22%
– Only 22% of basins well explored
Unexplored,
 ~1.35 mn sq. km. of deep waters sedimentary area 12%
Exploration
Initiated,
44%
1) Source: MoPNG
2) Sources : BP Statistical Review of World Energy June 2010
3) Source: DGH report 2010
9

10. Indian National Oil Champion : ONGC Domestic
Operations
India Footprint
 Highest share of hydrocarbon acreage in India Discoveries Since Prospects Pools
1 FY09
Western Onshore 7 3
Assam Shelf 2 1
2
 Discovered 6 of 7 Domestic Producing Basins (1) 6
Tripura 2 0
3 7
Mahanadi 1 0
8
 21 new notified discoveries in FY10 & 19 in FY11 (2)
KG Offshore 2 2
Western Offshore 2 6
4 9
KG Onshore 6 2
10 11
 All Crudes are Sweet and large portion being light Cauvery 1 3
5 Onshore
Region ONGC Operated Area
1,000 km 2)
(1,000 km
1 Himalaya & Ganga Valley 14.9
2 Rajasthan 0.2
 158 bn of capital / exploration in progress(3) 3 Cambay 9.4
INR Mumbai Offshore 40.6
4 Kutch - Saurashtra 43.8
Kerala - Kinkan 108.8
Krishna - Godavari 101.3
5 Cauveri 84.9
Mahanadi - Bengal 57.6
6 Assam - Arakan 16.6
 INR 592 bn of capex plan over FY11 and FY12 (4)
7
8
Mahanadi - Bengal - Purnea
Satpura - S.Rew a - Vindhyan -
6.8
Pranhita - Godavari 15.7
1) Source DGH. Category 1 sedimentary basins
9 Krishna - Godavari 4.9
2) Through Jan 27, 2011
3) As of FY10 10 Cauveri 5.4
4) As approved by the board of directors 11 Andaman - Nicobar Offshore 70.3
Source: DGH; All data as on March 31, 2010.
10 Principal Producing Areas Discoveries as of Jan 27, 2011

11. ONGC: Domestic Strength in Acreage and
Production
ONGC awarded more than 50% of NELP blocks
Cairn OIL Others
Others 4% 2% 9%
Cairn
15%
10%
ONGC OIL
51% 13%
RIL RIL ONGC
28% 1% 67%
PEL Area (Sq. km)
ML Area (Sq. km)
1) Note: PEL – Petroleum Exploration License, ML – Mining Lease; Includes NELP and nomination blocks
2) Source: DGH
Domestic Reserve Crude Oil Production Natural Gas Production
Strong Reserves Accretion
Replacement Ratio (RRR) (FY10) (FY10)
 Highest in last 2 decades in  RRR more than 1
Others
ONGC operated domestic 10%
OIL
fields 11% Others
41%
ONGC
54%
ONGC
79% OIL
5%
Note: Excludes JVs ; RRR for 3 P reserves
Note: Excludes JVs ; Reserve accretion for 3P Source MoPNG ; ONGC figures include its share in JV
11

12. Significant International Footprint (OVL)
 34(1) projects across 15 countries  Access to International Partners / NOCs
• Sole Operated (11); Jointly Operated (6) and  Amongst the largest overseas investors from India –
Non Operated (16) INR535 bn
 20 years of 1P and 40 years of 2P reserves  Net worth of INR116 bn
 Production accounts for ~11% of India’s FY10 production
Syria
1 1
Russia
2
2
Cuba
Libya
1
Iraq
1
Venezuela
1 1 2
Myanmar
Nigeria
2
Colombia
1 5 Iran
1 1 1 Vietnam
Brazil
1 5 1 Nigeria JDZ Sudan
2 Egypt
1
9 Producing Assets 4 Under Development Assets 20 Exploration Assets
Note: 34th Asset is Sudan’s 741km long product pipeline
(1) Other than the 34 projects mentioned above there are 6 projects/blocks which are currently being relinquished by the ONGC Group
12

13. Strong Relationship and Access to International
Partners / NOC
Partnership Across Regions…… and with International NOCs and Oil Companies…
Sodeco
Statoil Rosneft
Total
BP
Exxon Repsol YPF
CNPC
Shell Sinopec Daewoo
IOCL
PV
MOGE OIL
ECOPETROL
Sudapet GAIL KOGAS
BPCL Petronas
PDVSA
Petrobras
13

14. OVL : Key Investments
Russia:
Sudan Vietnam
Sakhalin-I
 OVL 20% stake GNOP (25%) Block 6.1 (45%)
 Exxon (Operator)–30% , Sodeco –  CNPC –40% , Petronas –30%,  BP (Operator) -35%, PV-20%
30% , Rosneft (20%) Sudapet –5%
 Produced Oil of 0.042mmt during FY10
 Produced Oil of 1.532mmt during  Produced Oil of 2.126mmt during
 Produced Gas of 1.97bcm during FY10
FY10 FY10
 Produced Gas of 0.39bcm during Block 5A (24.125%)
FY10  Petronas 67.9%, Sudapet 8%
 Produced Oil of 0.247mmt during
FY10
Venezuela Colombia Syria
San Cristobal (40%) MECL (50%) AFPC (Himalaya Energy (Syria) B.V. –
33.3% to 37.5%)
 CVP (60%)  Sinopec (50%)
 Himalaya Energy is a 50%-50% JV of
 Produced Oil of 0.704 mmt during FY10  Produced Oil of 0.409 mmt during FY10
OVL and CNPC
 Shell – 66.7% to 62.5%
 Produced Oil of 0.718 mmt during FY10
14

15. OVL : Key Investments (Cont’d)
Imperial Carabobo
BC-10, Brazil
Energy Venezuela
 Producing Asset in West  Deepwater offshore Block  Ownership interest developing
Siberia Carabobo blocks Consortium:
 ONGC 15%, Shell 50%,
 Acquired in Jan 2009 for Petrobras 35%  ONGC 11%, Oil 3.5%, IOCL
US$2.1 bn 3.5%
 First oil production on July 12th
 Production of 0.543 mmt in 2009  Repsol 11%, Petronas11% &
FY10 PDVSA 60%
 Production of 0.192 mmt in
 Extension of one of the field FY10
discovered in 2010 to be put
on production in the near term
15

16. ONGC Group : Large and Growing Reserve Base
Reserve Base (As Per Management Estimates)
mtoe
ONGC OVL
1P 737 186
2P 969 357
3P 1,175 398
Diversified Reserve Base
mtoe
OVL
22% OVL
29%
Gas Oil
ONGC
ONGC
78%
71%
Note: The management estimates of the reserves of ONGC Group are under review by independent third party and maybe subject to changes. We intend to make the outcome of that review publicly available
16

17. ONGC Group: Operating Performance
Steady Production With production from OVL Increasing Domestic Production
(in MTOE)
Gas (FY10)
61.8 61.2 60.9
60.7 Onshore,
23%
57.4
25.0 24.9 25.1 25.5 25.6
27.1
27.0 27.7 28.0 1.8 2.2 2.0 2.2 2.4
26.8
FY06 FY07 FY08 FY09 FY 10
Offshore,
77%
ONGC (incl. JVs) OVL
Oil (FY10)
Onshore,
30%
33.7 34.7 33.6 33.0
30.7
26.1 27.9 27.9 27.1 26.5
5.8 6.8 6.6 6.5
4.6
Offshore,
FY06 FY07 FY08 FY09 FY 10 70%
FY06 FY07 FY08 FY09 FY 10
ONGC (incl. JVs) OVL
Oil Gas
Note: ONGC includes JVs
17

18. Improved Recovery Through Prudent Measures
21 IOR/EOR &
Redevelopment projects
worth ~INR209 bn of
investment upto FY10
Strong impetus on EOR /
15 Successfully
IOR Process to improve
completed Projects
global recovery factor
by 2020
Arresting
Arresting
Production
Production
Decline
Decline
Fast track development 6 Projects under
of discoveries implementation
Recovery Factor
Cumulative oil gain of
improving from 28% in
more than 56 mmt
FY01 to 33.5% in FY10
18

19. E&P Infrastructure And Capabilities
Exploration Facilities(1)
Integration Across E&P Value Chain
28 Seismic Survey 107 Well Stimulation
58 Workover Rigs 77 Drilling Rigs
Crews Units
26,598 km of pipelines in India
Production &
Transportation
6,707 km of sub-sea pipeline
Facilities(1)
~34% of the Entire Nation’s 198 Offshore 25 Offshore Supply 240 Onshore
Crude Pipeline Installations Vessels Installations
Ankleshwar and Gandhar, Gujarat
Handling Capacity: 0.1 mmtpa Oil & 1 mmscmd Gas
Products: LPG, Naptha
Tatipaka, Andhra Pradesh
Handling Capacity: 0.1 mmtpa Oil
Processing Products: Naptha, SKO, HSD,
Hazira, Gujarat Fuel Oil
Infrastructure
Handling Capacity: 42 mmscmd Sour Gas
Products: LPG, C2-C3, LAN
Kuthalam, Kaveri, Tamil Nadu
Uran, Maharashtra Products: Naptha, SKO,
Handling Capacity: 20 mmtpa Oil & 16 mmscmd Gas heavy cut
Products: LPG, ARN, SKO, ATF, Propane, HSD
(1) Does not include 6 seismic crews, 47 drilling rigs, 21 workover rigs, 1 simulation vessel and 36 OSV/SMSVs charter hired
19

20. Integration into Refining
 Acquired MRPL(1) in March ’03 (holds 71.6%) Current Plant
– Turned around in less than 4 quarters post acquisition
Overview – Market value up 737%(2); Market Cap of INR116 bn (3)
 Capacity: 11.82 mmtpa; T-Put: 12.5 mmtpa and 106% Utilization in FY10
Strong  Revenue of INR360 bn in FY10 ; PAT of INR11 bn
Financials  Strong Credit rating - ICRA “IR AAA” & CRISIL “CCR AAA” Current Plant
Strong  Flexibility to process diverse crude varieties (24-46 API)
Technological  Designed to maximize middle distillates
Capabilities
 Capability to produce high grade fuels
 Captive Power Plant with capacity of 112.5 MW
Integrated Expansion Project
 All weather port at Mangalore
Infrastructure
 Mangalore-Hassan-Bangalore product pipeline
 Expansion to 15 MMTPA at cost of INR 121.6bn (scheduled completion
Expansion in Dec, 11)
MRPL is Well Positioned to leverage Improving Refining Fundamentals
1. MRPL: Mangalore Refinery and Petrochemical Limited
2. 2003 till February 1, 2011
3. As on February 1, 2011
20

21. Integration Across Energy Value Chain
OPAL ONGC : 26%
 Incorporated in FY07 GSPC : 5%
 Dual feed cracker & polymer plants GAIL : 19%
 Scheduled completion Q3, 2013 SIs/FIs: 50%
ONGC Mangalore Petrochemicals Ltd
 Incorporated in FY07
ONGC : 46%
 Aromatic Petrochemical Complex for manufacturing paraxylene
MRPL : 3%
 Scheduled completion Q4, 2012
ONGC Tripura Power Company ONGC : 50%
 OTPC incorporated in FY2005 ILFS: 26%
 726.6 MW (2x363.3) Power Project in Tripura Govt. Tripura: 0.5%
 Scheduled Completion Q2, 2012 Others: 23.5%
Dahej SEZ Limited
 Incorporated in FY05 ONGC : 23%
 Proposed SEZ for petrochemical industries GIDC : 26%
 Scheduled completion Q3, 2011
Mangalore SEZ Limited
ONGC : 26%
 Incorporated in FY06
KIADB : 23%
 Proposed SEZ for petrochemical industries
ILFS+KCCI: 51%
 Scheduled completion Q3, 2013
21

22. New Growth Initiatives : Others
Shale Gas
 Integrated Pilot project launched in Damodar valley (eastern India) in April, 2010
Shale  In association with Schlumberger
Gas  First well spudded on 21st Sept 2010; Created exploration landmark on Jan 25, 2011 as Gas
flowed from the R&D well in Durgapur
Coal Bed Methane
CBM  Operating in 5 CBM blocks
 CBM production from Parbatpur, Jharia (Pilot project) commenced from Jan, 2010
 MoU with Arrow Energy, Australia
Underground Coal Gasification
 Collaboration with Skochinsky Institute of Mining (SIM), Russia
UCG  Site at Vastan, Gujarat selected
 Environmental clearance obtained for the Pilot Project in Feb, 2010
 Mining Lease awaited from GoI
Wind Farms
 50 MW Wind Farm commissioned in Sep FY08 - in Gujarat
 Estimated financial benefit to the tune of INR 450 mn per annum
 Plan approved for another 100 MW Wind Farm in Rajasthan
22

23. Key Industry Themes
 Oil & Gas Production  Forge New Partnerships (Eg.
from Overseas Assets Recent Framework Agt.)
 Equity Oil –  Enhance Production
Inorganic Growth (IOR/EOR)
 Integration Projects  Subsidy Sharing Mechanism
23

24. Visionary Leadership and Strong Management
Team
Board Of Directors Chairman & Managing Director
Shri A.K.Hazarika*
Functional Director
Functional Director Government
Government Independent
Independent Special Invitees
Special Invitees
(Full Time)
(Full Time) Nominees
Nominees Directors
Directors
Shri Sudhir Bhargava Shri R.S.Butola
Shri R.S.Butola
Director (Onshore)
Director (Onshore) Shri Sudhir Bhargava Shri S.Balachandran
Shri S.Balachandran
Addl. Secretary, MOP&NG MD, OVL
MD, OVL
Shri A.K.Hazarika
Shri A.K.Hazarika Addl. Secretary, MOP&NG
Director (T&FS) Smt.L.M.Vas
Smt.L.M.Vas Shri S.S.Rajsekar
Director (T&FS) Shri S.S.Rajsekar
Shri U.N.Bose Addl. Secretary, MOF
Addl. Secretary, MOF
Shri U.N.Bose
Director (Finance)
Director (Finance) Shri Santosh Nautiyal
Shri Santosh Nautiyal
Shri D.K.Sarraf
Shri D.K.Sarraf
Director (Offshore)
Director (Offshore) Smt. Anita Das
Smt. Anita Das
Shri S.Vasudeva
Shri S.Vasudeva
Management Team with significant experience in the Oil & Gas industry
* Officiating Chairman and Managing Director
24

25. ONGC Group: Consolidated Financial Performance
Total Revenues (INR in bn) EBITDA (INR in bn)
Sustained Performance Improving EBITDA Margins
43.7%
1,106
1,036 1,086 475
40.6% 39.2%
434
421
FY08 FY09 FY10 FY08 FY09 FY10
PAT (INR in bn) Cash from Operations (INR in bn)
Maintaining Profitability Stable Cash flows
19.2%
17.9% 17.9%
290 290 288
199 198 194
FY08 FY09 FY10 FY08 FY09 FY10
25

26. ONGC Group: Consolidated Financial Performance
(Cont’d)
Networth (INR in bn) EPS (INR / share)
Strong Reserves
1,006 92.55
92.91
90.72
916
774
FY08 FY09 FY10 FY08 FY09 FY10
Dividend (INR in bn), Payout Ratio (%) Debt Equity Ratio (INR in bn)
High Dividend Payouts
36.6%
34.2% 34.4% 71
0.05x
68 68
0.01x
0.01x
FY08 FY09 FY10 FY08 FY09 FY10
26

27. ONGC: Standalone 9 month FY11 Result Overview
Overview Revenue (INR bn)
21%
 Revenue growth of 11.4% during nine month 11%
Rs 506 Rs 186
Rs 154
period ended December 31, 2010
Rs 454
Q3 revenue up by 21.4%
 Net Profit up by 24% during nine month period 9M FY10 9M FY11 Q3 FY10 Q3 FY11
EBITDA (INR bn)
ended December 31, 2010
45%
18%
 Q3 Net Profit up by 132% Rs 331
Rs 135
Rs 93
Rs 281
 For 9M FY11Gross Realisation of US$83.00/bbl
 For 9M FY11 Net Realisation of US$58.72 /bbl
9M FY10 9M FY11 Q3 FY10 Q3 FY11
Net Profit (INR bn)
24%
132% Rs 71
Rs 161
Rs 130
Rs 31
9M FY10 9M FY11 Q3 FY10 Q3 FY11
27

28. The Subsidy Impact ….
Overview of the Subsidiary Mechanism
 Subsidy sharing mechanism devised by Government of India in 2004
 Under-recovery is on the production from ‘nominated’ fields
 ONGC Group continues to realize international prices on production from PSC JVs and OVL
 There is no surrender of ‘Profit Petroleum’ to Government on revenue from nominated fields
Subsidy and Impact of Subsidy on PAT (INR in bn)
282
158
128
116
66 73
2009 2010 9M FY11
28

29. Corporate Governance and CSR Policies
 First ‘Sustainability Report’ as per GRi-G3 guidelines published
 Health Safety and Environment Framework in place
 CSR allocation increased to 2% of net profit in FY10 from 0.75%
 ONGC Whistle Blower Policy in place
 Robust IT Infrastructure in place
Environmental Focus Whistle Blower Policy
CSR Initiatives
29

30. Thank you