The oilmen enjoyed a 35-25 lead at the break in the match played at the Don Bosco School court in Matunga here.
In the other men's semi-final league match, Services put up a strong performance against debutants Bhavnagar Youngsters and stormed to an emphatic 81-46 win after racing to a 47-29 lead at the end of the first two quarters.
ONGC, boasting of seasoned Indian stars in their ranks, were always in control against their rivals from the south.
On the other hand, Amjyot Singh and A Arvind, both contributed 13 each for IOB.
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