ONGC reported in line crude oil sales (-4% YoY), while gas sales continue to be lower than our estimate (-6% YoY). Lower opex led to beat on EBITDA (8% higher than our estimate at INR101b). ONGC almost reached FY20 production levels for crude oil, while the decline in gas production is due to lesser offtake by customers due to the COVID-19 outbreak. This resulted in a production shortfall in VAP as well. Oil/gas production in FY21 was 22.5mmt/22.8bcm, totaling 45.3mmtoe. The company expects FY22 production at 48.7mmtoe, with oil/gas production at...