Crude realities: despite depleting cash reserves, ONGC looks at brighter days as oil prices rise

It is like a treasure hunt to find the black gold in its raw form. Most such treasure hunters spend their entire lives in search of it. ONGC, the country’s largest oil and gas explorer, is one of them. Every year, the Maharatna company goes looking for treasure troves buried deep in the bowels of the earth, but there is no guarantee of success. Senior officials at ONGC have also realised that there is no more “easy oil” to be discovered in the