State-owned Oil And Natural Gas Corporation‘s standalone net profit more than doubled to Rs 17,033.81 crore in the June quarter, supported by sharply higher crude oil and gas realisations.
Net profit rose 112.3% from Rs 8,024.23 crore in the corresponding quarter last year, while revenue from operations increased 45.2% to Rs 46,460.45 crore from Rs 32,002.89 crore. The upstream major reported its highest-ever quarterly profit before tax of Rs 22,848.02 crore, against Rs 10,744.33 crore a year earlier.
Total income climbed to Rs 48,321.65 crore from Rs 33,213.39 crore. Expenses increased to Rs 25,473.63 crore from Rs 22,469.06 crore, with statutory levies rising to Rs 9,128.18 crore from Rs 6,073.28 crore.
ONGC’s consolidated net profit, however, declined 43.3% to Rs 6,554.44 crore from Rs 11,554.21 crore. Consolidated revenue from operations rose 25.7% to Rs 2,04,987.35 crore from Rs 1,63,106.33 crore.
Net realisation from nominated crude surged 50.4% to $99.45 per barrel from $66.13, while rupee realisation increased 66.5% to Rs 9,419 per barrel. Joint-venture crude fetched $103.34 per barrel, up 52.3% year-on-year. The new-well gas price rose 61.5% to $13.31 per million British thermal units.
Revenue from new-well gas stood at Rs 3,998 crore, delivering an additional Rs 1,897 crore over the administered price mechanism rate. It accounted for around 38% of revenue from ONGC’s nomination gas portfolio.
Offshore revenue rose to Rs 33,337.24 crore from Rs 22,085.57 crore, while offshore segment profit before tax and interest doubled to Rs 19,182.50 crore. Onshore revenue increased to Rs 13,123.21 crore from Rs 9,917.32 crore.
Standalone crude production declined to 4.452 million tonnes from 4.683 million tonnes, while natural gas output eased to 4.756 billion cubic metres from 4.846 BCM.
The company attributed the lower production to reservoir complexities in the KG-98/2 block, adverse weather in the Western Offshore region, delays in pipeline-replacement projects and temporary shutdowns linked to the commissioning of major projects.
ONGC said production is expected to improve as strategic projects, including the Daman Upside Development Project, TSP and Discovered Small Fields projects, are completed. Capital projects worth more than Rs 40,000 crore are under implementation in its Western Offshore fields, with benefits expected from FY28 onwards.
Separately, ONGC spudded its first deepwater exploratory well in the Mahanadi basin under the government’s Samudra Manthan offshore exploration programme. The well, located at a water depth of around 765 metres, was spudded on July 25. During the quarter, ONGC also reported two hydrocarbon discoveries — one offshore prospect and one onshore new-pool discovery.