S&P Global Ratings expects a rise in operating cash flows for India's largest oil and gas producer, ONGC, due to higher production volumes and the removal of the windfall tax on crude oil. The increase is expected to help the company maintain its credit quality. S&P predicts that ONGC's domestic production volumes will be up by 8-10% by 2024. Its EBITDA for fiscal years 2024 and 2025 is forecasted to be Rs 1-1.1 lakh crore, while investments of approximately Rs 47,500 crore will be made. Additionally, ONGC has committed to net-zero for scope 1 and 2 emissions by 2038.