New Delhi, 11 November 2024 – Oil and Natural Gas Corporation Limited (ONGC) reported robust Q2 FY’25 results, posting a 17.1% increase in net profit to ₹11,984 crore. The board also approved a ₹6.00 per share interim dividend, with a total payout of ₹7,548 crore, reinforcing shareholder value.
Despite a 7.7% decline in the average crude oil realization to $78.33 per barrel, ONGC’s revenue remained resilient, driven by strong production and efficiency gains. The gross revenue for Q2 FY’25 reached ₹33,881 crore, reflecting ONGC’s adaptive strategies in a volatile market. Consolidated revenue hit ₹1,58,329 crore, though net profit attributable to owners dropped by 25% year-on-year to ₹10,272 crore, mainly due to global market fluctuations.
ONGC’s production efforts showed promising growth, with crude oil output rising by 0.7% and natural gas production stabilizing. The start of three new wells in the KG-DWN-98/2 cluster added 25,000 barrels per day to output. Further, ONGC announced six discoveries this fiscal year, including the major “Chola” find in Cauvery Offshore.
Key partners in ONGC’s journey include Emirates National Oil Company, Gunvor Singapore, and Larsen & Toubro. Significant investments in ONGC Petro-additions Limited (OPaL) and contracts with Mazagon Dock Limited underscore ONGC’s commitment to sustainable growth and energy security. Additional stakeholders include GAIL and Mazagon Dock Limited, crucial to ONGC’s expanding LNG and pipeline operations.