ONGC Q1 FY23 Results : Posts Net Profit Of ₹15,206 Cr, Crude Production Up By 1.9% And Gas Production Up By 1.4%

In its355^th Meeting held on 12^th August, 2022, ONGC Board approved the results for First Quarter (Q1) ofFY 2022-23; highlightsare as under :

Financial Performance (Standalone)

Particulars	Q1 2022-23	Q1 2021-22	% variation	FY’22
Gross Revenue (₹ Crore)	42,321	23,022	83.8	1,10,345
Net Profit (₹ Crore)	15,206	4,335	250.8	40,306
Crude Oil Price-Nominated
Net Realization (US$/bbl)	108.54	65.59	65.5	76.62
Net Realization (₹/bbl)	8,384	4,836	73.4	5,709
Crude Oil Price-JV
Realization (US$/bbl)	109.60	66.86	63.9	77.15
Realization (₹/bbl)	8,467	4,930	71.7	5,748
Gas Price
Price on GCV basis($/mmbtu)	6.10	1.79	240.8	2.35

Financial Performance (Consolidated)

Particulars	Q1 2022-23	Q1 2021-22	% variation	FY’22
Gross Revenue (₹Crore)	1,82,894	1,08,105	69.2	5,31,762
Net Profit (₹Crore)	8,581	6,847	25.3	49,294
Net Profit (₹Crore) – attributable to owners	11,937	5,985	99.4	45,522

Production Performance:

Particulars	Q1	Q1	%	FY’22
Particulars	2022-23	2021-22	variation	FY’22
Crude Oil–ONGC (MMT)	4.742	4.596	3.2	18.604
Crude Oil–JVs (MMT)	0.502	0.558	(10.0)	2.162
Condensate (MMT)	0.250	0.240	4.2	0.941
Total Crude Oil (MMT)	5.494	5.394	1.9	21.707
Gas – ONGC (BCM)	5.216	5.108	2.1	20.907
Gas – JVs (BCM)	0.167	0.201	(16.9)	0.773
Total Gas (BCM)	5.383	5.309	1.4	21.680
Value Added Products (KT)	697	786	(11.3)	3089

Exploration Performance

ONGC has declared 2 discoveries in onland during FY 2022-23 in its operated acreages. Out of these, one is a new prospect (Kankpul-1 in NELP-VII JV block WB-ONN-2005/4) in West Bengal and the other is new pool (Mandapetta-60 in KG Onland) in Andhra Pradesh.

The details of latest discovery notified since the last press release in this regard are as under:

(i) Kankpul-1 in NELP JV Block WB-ONN-2005/4 (PI-ONGC-75%, OIL-25%), West Bengal.

Exploratory well Kankpul-1 drilled in NELP Block WB-ONN-2005/4 (PI-ONGC-75%, OIL-25%) flowed gas @ 46,520 – 52,272 m³/day from PanduaFormation.

(ii) Mandapeta-60 in Mandapeta PML, KG-PG Basin, Andhra Pradesh

Well Mandapeta-60 in onlandMandapeta PML, KG-PG Basin encountered about 6.0 m sand within Kommgudem Formation flowed gas @ 62730 m³/day. This is the first commercial flow from Kommgudem formation which is monetized.