Literature ReviewThe dominant oil and gas producer and the top acreage holder in India, Oil and Natural Gas Corporation (ONGC) is in an unrivalled position to exploit the country's upstream potential. Recently, however, it has struggled to raise recovery rates, maintain production and tap new discoveries. It plans to venture into different avenues around the world, not just to cater to present as well as future energy needs of the country but also to chart a course for India in the global energy market. This study will be focused on understanding India’s energy needs, existing system and strategies in place and the future strategies which need to be deployed in order to fuel the Indian growth story. This however will not be possible without a detailed study of geopolitical, geological, economic and technological challenges. We have taken into consideration the existing studies by Dileep R Warrier et al (ICFAI Journal of International Business, Vol. III, No. 2, 2008), Maji Sumit Kumar, Sur Debashish (Journal of Institute of Public Enterprise). This study primarily explores the strategic role that will be played by ONGC in the Indian growth story. We will also try to make sense of its recent policies and the effect of Indian foreign policy on the same.About ONGCOil and Natural Gas Corporation (ONGC) supplies crude oil, natural gas, and value-added products to major Indian oil and gas refining and marketing companies. Its primary products; crude oil and natural gas are for Indian market. ONGC is the Indian government's main upstream vehicle. The government owns 68.94% of the company, which controls approximately 61% of India's crude oil output and 71% of natural gas production. The equity shares of ONGC are listed on the Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index, and the National Stock Exchange of India, where it is a constituent of the S&P CNX Nifty. ONGC has been expanding its portfolio into refining and oil distribution, while also building an international upstream asset base. ONGC is currently present in around four domestic projects in India. Also ONGC Videsh Limited, the international arm of ONGC owns around 14 projects in different parts of the world.Policies of the India GovernmentThe oil & gas sector in India has traditionally been dominated by state owned PSU’s. Earlier the whole supply chain of Oil & Gas industry was controlled only by two PSU’s, namely ONGC and OIL. But since liberalisation both upstream and downstream operations in the industry have been opened for the private sector. Despite being the seventh largest country in terms of area India is not endowed with sufficient reserves to meet its’ domestic demand. About 80% of India’s petroleum consumption is met through imports which puts a huge burden on nation’s economy. To reduce dependence on imports government is looking forward to explore extensively the still unexplored sedimentary basins which are about 15% of total area. In this regard the government introduces NELP in 1997, it transferred administrative and regulatory functions away from the national oil companies (NOCs) to the Directorate General of Hydrocarbons, allowing for more balanced competition between public and private players, thus providing a boost to exploration and production (E&P) activities. When it comes E&P, government has shifted from the earlier profit sharing structure to revenue sharing structure. Currently the NELP-X round, which has 46 blocks on offer due in near future. After this round of auction the NELP regime will give way to Open Acreage Licensing Policy (OALP). OALP is designed to give companies a higher degree of flexibility in the licensing process which in turn will attract greater investment in the sector. In the international front ONGC Videsh is leading India’s interests in terms of securing reserves, entering into JV’s for exploration and production, construction of pipelines for transportation and setting up refineries. Though India is an importer of crude oil, it has developed huge capacities in terms of refining and has positioned itself as a major hub for refining activities. This has helped India in exporting refined oil products.