ONGC Declares Results For Q2FY’25: Posts Net Profit Of ₹11,984 Crore,up By 17.1%; Declares Interim Dividend Of ₹6.00 Per Share

Mumbai, Nov 11 In its 388^thmeeting held on 11^thNovember, 2024, ONGC Board approved the results for Second Quarter (Q2) of FY 2024-25.

The Gross Revenue for FY25 Q2 was 33881 cr while FY25 H1 was Rs 69146 cr. The company posted net Profit of ₹11,984 Crore,up by 17.1%;

Board has approved interim dividend of 120%, i.e. ₹ 6.00 on each equity share of ₹5. The total payout on this account will be ₹ 7,548Crore. The Record date for distribution of dividend has been fixed for 20^thNovember 2024 which has been intimated to the stock exchanges.

With focused approach and continued thrust on increasing domestic production, ONGC has been able to reverse the declining trend in crude oil production. The standalone crude oil production (excluding condensate) during Q2 FY 25 was 4.576 MMT,registering a growth of 0.7% over corresponding quarter of FY 24. Similarly, the standalone crude oil production during H1 FY25 was 9.204 MMT with an increase of 0.8% over H1 FY24.

On the gas production front also, ONGC has been able to arrest the degrowth. The decline which was 3.6 % in Q1 FY25 over Q 1 FY24 has been brought down to 2.1 % in Q2 FY 25 over Q2 FY 24. In particular for the month of Sep 2024, the gas production was up by 0.3% over Sep 2023.

The three oil wells of A-field of deepwater block KG-DWN-98/2were opened on 30^thOctober 2024, thereby enhancing total oil production to about 25,000 BOPD from eight flowing wells of cluster-II. Remaining fiveoil wells are planned to be opened shortly.

ONGC has declared total 6 discoveries (3 in onland and 3 in offshore) during FY 2024-25 so far in its operated acreages. Out of these, 4 are prospect (2 onland& 2 Offshore) and 2 (1 in onland and 1 in offshore) are new pools.

Since last press release on 5th August 2024, ONGC has notified to DGH 1 New Pool discovery “Chola” in Ultra-Deepwater area of Cauvery Offshore. The detail of the latest discovery is as under:

Chola: The exploratory well Chola-1 (CYUD191H-CH-AA) was drilled in ultra-deep water OALP block CY-UDWHP-2019/1 to explore hydrocarbon potential of Syn-rift Sequences. 4 objects were identified for production testing. On conventional testing, object-I flowed gas @ 2,95,490 m3/day and condensate @ 111 bbl/day. This hydrocarbon success of object-I was notified as New Pool discovery.

Additionally, object-II flowed gas @ 5,17,425 m3/day & Condensate @ 368 bbl/day and Object-III flowed gas @ 86,712 m3/day. The encouraging testing results of this well is paving the way for further exploration in the Ultra-deepwater areas of Cauvery Offshore.Based on the success of this well, a second well Kamakshi#1 is under drilling in the same block, targeting hydrocarbon prospectivity of Aptian sequences.

Out of 6 discoveries notified till date during FY 2024-25, 1 discovery viz. West Matar-2 has already been monetized by ONGC.

Government approves additional investment in ONGC Petro-additions Limited (OPaL) by ONGC and assured feedstock supply paving way for sustainability of OpaL. Investment totaling Rs.18,365 Crores will result in an increase in ONGC’s stake in (OPaL) from 49.36% to 95.69%.

ONGC signs its maiden LNG Master Sale and Purchase Agreements (MSPAs) with Emirates National Oil Company Private Limited (ENOC) and M/s Gunvor Singapore Pte. Ltd. in August 2024 to secure spot/short-term sourcing of LNG and boost the endeavors towards integration across the hydrocarbon value chain.

ONGC forays into RLNG marketing: ONGC has entered the RLNG (Regasified Liquefied Natural Gas) marketing arena, marking a new phase in its strategic marketing trajectory. On 25^thOctober 2024, ONGC achieved a significant milestone by selling over 32 MMSCMD of RLNG through the Indian Gas Exchange (IGX).

Bulk Gas Sale commenced from Bokaro GCS: Gas sale @ 1LSCMD from Bokaro GCS to GAIL through Urja Ganga pipeline commenced on 2^nd September, 2024.

Cambay Asset achieves 1000 TPD oil production: All-time high oil production of 1018 TPD was achieved at Cambay Asset on 8^thNovember, 2024.

Two major contracts for projects in Western Offshore namely, Daman Upside Development Project – Well Head Platforms (DUDP-WP) and Pipeline Replacement Project (PRP – 8), Group B were signed with M/s L&Twith the objective to enhance the gas and condensate production. This is likely to add ~ 5 MMSCMD of gas production

Order was placed to M/s MazgaonDock Limitedon 08.08.2024 for construction of a major offshore oil and gas project for blocks awarded under DSF-II.This is likely to add ~ 4 MMSCMD of gas production

ONGC has achieved the monetization of the recent exploratory success of well C-22-7(ST) in the shortest possible time through revival of C-22 P well head platform.

Project DoT (Digitalisation for Organisational Transformation) Launched on 11^th October,2024. This will lead to enhanced equipment reliability through predictive maintenance and streamlined workflow across various departments through automation by integrating advanced technologies like AI, IoT, cloud computing and data analytics in the operations of ONGC.

Details are as under:

Financial Performance(Standalone)

	Q2			H1			FY’24
	FY’25	FY’24	% Var	FY’25	FY’24	% Var	FY’24
Gross Revenue (₹ Crore)	33,881	35,162	(3.6)	69,146	68,977	0.2	1,38,402
Net Profit (₹ Crore)	11,984	10,238	17.1	20,922	20,765	0.8	40,526
Crude Oil Price-Nominated
Realization (US$/bbl)	78.33	84.84	(7.7)	80.67	80.56	0.1	80.77
Realization (₹/bbl)	6,561	7,013	(6.4)	6,744	6,641	1.6	6,687
Crude Oil Price-JV
Realization (US$/bbl)	77.91	79.41	(1.9)	79.37	75.15	5.6	75.91
Realization (₹/bbl)	6,525	6,564	(0.6)	6,635	6,195	7.1	6,284
Gas Price
APM Price on GCV basis ($/mmbtu)	6.50	6.50	–	6.50	6.60	(1.5)	6.55

Financial Performance(Consolidated)

	Q2			H1			FY’24
	FY’25	FY’24	% Var	FY’25	FY’24	% Var	FY’24
Gross Revenue (₹Crore)	1,58,329	1,47,614	7.3	3,26,354	3,13,677	4.0	649,527
Net Profit (₹Crore)	9,878	16,171	(38.9)	19,689	33,666	(41.5)	55,422
Net Profit (₹Crore) – attributable to owners	10,272	13,703	(25.0)	20,281	28,409	(28.6)	49,293

The detailed production performance of ONGC is as under:

Crude Oil Production (MMT)	Q2 FY25	Q2 FY24	H1 FY 25	H1 FY 24
Crude Oil – ONGC Standalone	4.576	4.545	9.204	9.135
Crude Oil – JVs	0.329	0.441	0.682	0.887
Condensate	0.254	0.263	0.509	0.538
Natural Gas Production (BCM)	Q2 FY25	Q2 FY24	H1 FY 25	H1 FY 24
Gas – ONGC Standalone	4.912	5.018	9.773	10.061
Gas – JVs	0.148	0.182	0.295	0.360