Oil & Natural Gas

Oil & Natural Gas Corporation (ONGC) is a state-owned integrated oil and gas company, deriving the vast majority of its revenue from the exploration, production, and refining of fossil fuels. Its operational emissions intensity is structurally high due to the carbon-intensive nature of its core business. The company’s reported Scope 1 and 2 greenhouse gas emissions place it among the highest-emitting entities in the global oil and gas sector relative to its peers, with no public commitment to align its production targets with a 1.5°C pathway.

Recent regulatory actions highlight ongoing compliance issues. In 2024, the U.S. Department of Justice reached a settlement with the company over violations of the Renewable Fuel Standard program. Furthermore, a 2024 Congressional investigation report on major oil and gas producers included evidence suggesting industry efforts to downplay the climate crisis, though ONGC’s specific role was not detailed. The company has not announced a comprehensive, time-bound plan to phase down its fossil fuel production or significantly decarbonize its operations.

Oil and Natural Gas Corporation (ONGC) is India's largest state-owned oil and gas exploration and production company. Its core business is the extraction of fossil fuels, a sector extensively documented by academic and policy literature as a primary driver of intrastate conflict and violence. Studies, including those cited by sources like the Norwegian Government Pension Fund Global (NBIM), establish that natural resource extraction, particularly of oil and gas, fuels conflict by financing belligerents, creating economic incentives for violence, and turning resource sites into military objectives.

The company operates in a global industry where the control and revenue from hydrocarbon resources are directly linked to the financing of armed conflict. There is no public evidence that ONGC has conducted or published a conflict-sensitive risk assessment for its operations in volatile regions, nor has it made an affirmative case that its activities provide an essential civilian service that would leave populations materially worse off if withdrawn. In the absence of such due diligence and justification, its core business model is intrinsically linked to the conflict dynamics defined by the exclusion policy.

Oil & Natural Gas Corporation (ONGC) is a state-owned Indian multinational engaged in the exploration and production of fossil fuels. According to the exclusion list of Norges Bank Investment Management (NBIM), ONGC is identified as operating in or materially supporting activities in occupied or disputed territories in violation of international law. This categorization specifically references the company's involvement in occupied Palestinian territory.

While the provided evidence references the broader context of resource exploitation in occupied territories, specific details regarding ONGC's direct operational footprint, project names, partnership structures, or revenue materiality in these areas are not detailed in the gathered sources. The exclusion by NBIM, a major sovereign wealth fund, indicates a formal assessment of the company's activities as non-compliant with international law standards concerning occupied territories.