Acquisition is something, we are always on lookout for some properties, if we get some good opportunities. So, this is an ongoing process, said Shashi Shanker, Chairman, Oil and Natural Gas Corporation (ONGC).

Speaking exclusively to CNBC-TV18, Shanker said, "On all the fronts, whether oil, gas or the value added products, standalone basis, the year-on-year basis on the oil front, there has been an increase of 0.3%. There is a substantial increase in gas production and it has gone up by 6.3%."

On integration of Hindustan Petroleum Corporation Ltd (HPCL), he said, "At the group level, our crude oil production is 35 million tonne. If we put refining capacities of Mangalore Refinery and Petrochemicals Ltd (MRPL), HPCL and Tatipaka refinery, together it comes at around 36 million tonne. So, with all these three companies coming under one fold, today probably, we are in true sense a vertically integrated company."

State-owned ONGC has reported its highest profit in 17 quarters

after net profit in three-months to March 31, 2018 jumped 37% on back of higher oil prices.