ONGC Q3 FY25 : Net Profit Of Rs. 8,240 Cr, Declares 2nd Interim Dividend Of Rs. 5.00 Per Share

New Delhi, Jan 31 In its 390^th meeting held on 31^st January, 2025, ONGC Board approved the results for Third Quarter (Q3) of FY 2024-25.

Profit for the October-December quarter stood at Rs 8,240 crore from Rs 9,892 crore in the year-earlier period. Revenues were 3.1% to Rs 33,717 cr from Rs 34,788 cr. The company declared a dividend of Rs 5 per share.

With focus to enhance operational efficiency, ONGC has been able to maintain the increasing trend in crude oil production for two consecutive quarters. The standalone crude oil production (excluding condensate) during Q3 FY 25 was 4.653 MMT, registering a growth of 2.2% over corresponding quarter of FY 24. Similarly, the standalone crude oil production during 9M FY25 was 13.858 MMT with an increase of 1.2% over 9M FY24. In Dec 2024, the growth in standalone crude oil production was 5.4% over Dec 2023.

ONGC has been able to reverse the decline and increase is visible in the gas production as well. The standalone natural gas production during Q3 FY 25 was 4.978 BCM registering a growth of 0.3 % over Q3 FY 24. In particular for the month of Dec 2024, the gas production was up by 0.9% over Dec 2023.

With commissioning of the five oil wells of P-field of deepwater block KG-DWN-98/2 on 16^th December 2024, all the oil wells are now successfully flowing thereby enhancing total oil production to about 35,000 BOPD from thirteen flowing wells of cluster-II.

ONGC has declared total 7 discoveries (4 in onland and 3 in offshore) during FY 2024-25 so far in its operated acreages. Out of these, 5 are prospect (3 onland & 2 Offshore) and 2 (1 in onland and 1 in offshore) are new pools.

ONGC has completed total infusion of Rs. 18,365 Cr in OPaL on 02.12.2024. ONGC increased its stake in OPaL from 49.36% to 95.69%, thereby establishing OPaL as its subsidiary.

ONGC received CTE for construction of CPF at Madanam granted by Tamil Nadu Pollution Control Board(TNPCB) on 05.11.2024 with validity upto March-2029.

ONGC has signed a MoU with PowerGrid Corporation on 12^th December 2024 in New Delhi to collaborate on green hydrogen and clean energy projects. The collaboration aligns with the National Green Hydrogen Mission (NGHM) program which aims to position India as a global leader in green hydrogen production, use, and export.

ONGC and GAIL signed a term sheet on 28 November 2024 for the sale of new well gas (NWG) from ONGC’s nominated fields, establishing a strategic framework for future growth of ONGC.