Oil and Natural Gas Corp Ltd (ONGC) is primarily engaged in the exploration, production, and sale of crude oil and natural gas. The company operates through two reportable business segments: Exploration and Production; Refining and Marketing; and Petrochemicals. In FY2025, the company incurred a capital expenditure of INR620,573 million which was 9.4% of the company's total revenue and grew 65.5% YoY. Geographically, the company operates in India and Outside India.

ONGC has strategically invested in research, innovation, and digital transformation to enhance its technical and operational capabilities. The company focuses on fostering a culture of scientific inquiry and embracing emerging technologies such as AI, machine learning, and advanced geophysical tools. These efforts aim to address complex subsurface challenges, improve exploration outcomes, and optimize production. ONGC's R&D initiatives include the development of proprietary technologies, employee-driven innovation, and the deployment of Digital Slickline (DSL) technology, which offers cost-effective and efficient well interventions. The Keshava Deva Malaviya Institute of Petroleum Exploration (KDMIPE) is the premier R&D unit of ONGC. It leads the company's innovation efforts in energy exploration and development, focusing on geoscientific understanding, resource estimation, reservoir imaging, unconventional hydrocarbon extraction, and sustainable energy alternatives. The unit plays a crucial role in aligning innovation with the company's strategic goals. ONGC has established multiple Centers of Excellence that foster cross-disciplinary collaboration and support advanced experimentation, pilot studies, and field trials in areas such as CCUS, geothermal energy, helium extraction, and biofuel development. The company has filed 180 patent applications, with 115 granted (96 in India and 19 abroad). In FY2025, 8 patents and 6 copyrights were granted. Major technology alliances include collaborations with Schlumberger for the deployment of Digital Slickline (DSL) technology. In FY2025, the company incurred a research and development expenditure of INR6,673.10 million which was 0.1% of the company's total revenue and declined 2.8% YoY.