"ONGC's current performance is clearly unacceptable. It needs to rapidly reorganise. Failing this, the government is likely to be forced to take alternate draconian measures, including possibly establishing JV at key fields," the american consultancy firm said in a report. Faced with decline in production and escalating cost, ONGC needs to shift to an asset-based structure by clearly demarcating exploratory and producing assets with significant decentralisation of authority and accountability, it said.