ONGC Chairman calls for greater focus on tech, innovation; commits to fund and support startups

India needs to prioritise its resources towards technologies that address the country’s immediate and strategic energy requirements, said Arun Kumar Singh, Chairman & CEO, Oil and Natural Gas Corporation Limited (ONGC), on Tuesday (September 8, 2026), while calling for a greater focus on technology, innovation and efficient deployment of resources to strengthen India’s energy security.

He was speaking at the MC²+ IGNITE Mumbai City Connect at IIT Bombay, which was organised by ONGC in association with MC²+ Ignite to identify start-ups which would be funded to undertake innovations in specified areas of the core energy sector.

Stating that India must become more efficient and innovative to address its energy requirements, he said there was a need to do things “fundamentally different” to strengthen energy security and reduce dependence on imports.

Highlighting the importance of innovation in areas that have a direct bearing on the country’s energy needs, he emphasised the need for a more focused approach to innovation and technology development.

Mr. Singh said artificial intelligence would help to improve production efficiency, reduce wastage and make assets and processes more efficient. He also pointed to the potential of AI in areas such as enhanced oil recovery and exploration.

He also emphasised that India needs to strike a balance between pursuing futuristic technologies and addressing immediate national priorities. With resources being limited, he said the country needs to learn to “prioritise our resources on where we should spend”.

MC²+ IGNITE, which has been set up under the initiative of the Ministry of Petroleum & Natural Gas, will support up to 30 high-potential early-stage start-ups. The programme offers a ₹30 crore grant pooled from public sector oil & gas companies and up to ₹2 crore in milestone-linked convertible funding for selected start-ups. It covers six deep-tech energy themes and an Open Theme, with opportunities for access to real pilot sites, infrastructure and laboratory facilities, technical mentorship, industry access and pathways for pilot deployment and procurement.

On Tuesday (September 8), a tripartite MoU was signed between MC²+ Foundation, IIT Bombay and IIT Bombay’s Society for Innovation and Entrepreneurship (SINE), to strengthen collaboration between industry, academia and the start-up ecosystem.

As a partner PSU in the MC²+ ecosystem, ONGC will collaborate across AI-driven Subsurface Intelligence and the other energy innovation themes, helping start-ups access R&D facilities, mentorship, funding, market opportunities and pilot projects.

MC²+ is an energy innovation platform which seeks to strengthen India’s energy innovation ecosystem by supporting promising start-ups and technologies through funding, mentorship, infrastructure and industry access.

The Mumbai City Connect event brought together senior leaders from industry and academia, entrepreneurs and the deep-tech ecosystem.

Participants included Prof. Aniruddha B. Pandit, Vice Chancellor, Institute of Chemical Technology, Mumbai; Prof. Shireesh Kedare, Director, IIT Bombay; Dhananjay Rai, representing MC²+; Shaji Varghese, CEO, SINE; Prof. Nishant Sharma, SINE; Prof. Yogendra Shastri, CoEOGE and senior ONGC officials.