ONGC Q1 FY23 results : Posts net profit of ₹15,206 cr, crude production up by 1.9% and gas production up by 1.4%

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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 :

1. 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
	2022-23	2021-22	variation
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.