The goal of ONGC for 2023 is crystal clear: to encourage exploration and carry out the government's directive to lessen reliance on imports. An action [plan] for three years, from 2022–2023 to 2024–2025, has been adopted. At its most recent meeting, the Exploration Portfolio Management Board (EPMB) selected 70 locations for release in 2023 with a proposed investment of Rs. 27 billion. These locations are aimed at about 150 million tonne of oil equivalent (mmtoe) of yet-to-find (YTF) resources.

Additionally, as part of ONGC's commitment to boosting production and elevating the Bengal Basin to Category-I status, some of the freed locations would be used for reserve upgradation.

The category-I basins are those with reserves and active production; the category-II basins have contingent resources awaiting commercial production; and the category-III basins have prospective resources awaiting discovery.

The agreement with ExxonMobil for joint deepwater exploration in the KG-Cauvery and Kutch offshore basins was signed on August 17, 2022. The exploratory teams have had technical meetings, and a collaborative investigation of the Kutch basin is currently ongoing.