ONGC declares results for Q1 FY’25: Posts Net Profit of ₹ 8,938 Crore

(MENAFN- Adfactors PR) Bengaluru, 6th August 2024 - In its 384th meeting held on 5th August, 2024, ONGC Board approved the results for First Quarter (Q1) of FY 2024-25.

Major Highlights:
• Gross Revenue ₹ 35,266 crore in Q1
• Net profit ₹ 8,938 crore in Q1
• 5 Discoveries in FY’ 25 so far

Details are as under:
1. Financial Performance (Standalone)
Particulars Q1
2024-25 Q1
2023-24 %
variation FY’24
Gross Revenue (₹ Crore) 35,266 33,814 4.3 1,38,402
Net Profit (₹ Crore) 8,938 10,527 (15.1) 40,526
Crude Oil Price-Nominated
Net Realization (US$/bbl) 83.05 76.36 8.8 80.77
Net Realization (₹/bbl) 6,928 6,277 10.4 6,687
Crude Oil Price-JV
Realization (US$/bbl) 80.64 70.64 14.2 75.91
Realization (₹/bbl) 6,727 5,808 15.8 6,284
Gas Price
Price on GCV basis($/mmbtu) 6.50 6.71 (3.1) 6.55

2. Financial Performance (Consolidated)
Particulars Q1
2024-25 Q1
2023-24 %
variation FY’24
Gross Revenue (₹ Crore) 1,66,577 1,63,824 1.7 6,43,037
Net Profit (₹ Crore) 10,236 17,893 (42.8) 57,101
Net Profit (₹ Crore) - attributable to owners 9,936 14,644 (32.1) 49,221

3. Production Performance
Particulars Q1 Q1 % FY’24
2024-25 2023-24 variation
Crude Oil–ONGC (MMT) 4.629 4.590 0.8 18.401
Crude Oil–JVs (MMT) 0.353 0.446 (20.9) 1.668
Condensate (MMT) 0.255 0.275 (7.3) 1.070
Total Crude Oil (MMT) 5.237 5.311 (1.4) 21.139
Gas – ONGC (BCM) 4.860 5.043 (3.6) 19.973
Gas – JVs (BCM) 0.148 0.178 (16.9) 0.674
Total Gas (BCM) 5.008 5.221 (4.1) 20.647
Value Added Products (KT) 638 630 1.3 2,519


4. Exploratory Success:
a) ONGC has declared total 5 Discoveries in FY’ 25 so far. Since last press release on 20th May 2024, ONGC has declared 3 more discoveries (01 in onland and 02 in offshore) in its operated acreages. Out of these, 02 are prospect (1 in onland, 1 in offshore) and 1 is new pool (onland) discovery.

The details of the latest discoveries notified since last press release in this regard on 20th May 2024 are as under.

I. PURN-1: The exploratory well PURN-1 (CB-ONO-PU-A) was drilled in OALP block CB-ONHP-2019/1 to explore HC potential of Olpad & Kadi. During testing, well flowed viscous oil after heat treatment thru hot water. The success in the well PURN-1 in Olpad Formation has established hydrocarbon presence in the prospect and opened up new area for exploration in and around OALP block CB-ONHP-2019/1.

II. West Matar-2: The exploratory well West Matar-2 (MRAX) was drilled in Matar Addl. (7 year PML) area to explore HC potential of Middle Eocene Play (Hazad Member). Two objects were tested in Sand-6 and sand-8 of Gandhar. While Gandhar Sand 6 flowed oil @83m3/day and gas @ 10500m3/day, Gandhar-8 gave Oil @87.89 m3/day and gas @ 10,644m3/d. This success has established commercial oil & gas for the first time in GS-6 and GS-8 sands in West Matar field and declared as new pool discovery. This discovery has opened up areas for further exploration.


III. Chandramani (B-56-B): The well B-56-2 (B-56-B) was drilled in C-Series PML in Tapti-Daman area of Mumbai Offshore with the objective to explore hydrocarbon potential of Panna and Bassein Formation. One object, tested in Diu Formation flowed Gas @ 2,09,746 m3/day. The encouraging testing results has established presence of commercial hydrocarbons in the Diu Formation for the first time in Mumbai Offshore. This Hydrocarbon success has opened up a new play for further exploration.

b) For the first time, a Field Development Programme has been submitted to DGH for monetization of Hatta Discovery Vindhyan Basin, Madhya Pradesh.


5. Awards/Recognitions/Other highlights:

i. ONGC inks MOU with Ever Enviro Resource Management Private Ltd for Compressed Biogas Plants: The proposed joint venture shall have 50 % equity shareholding each by ONGC’s newly formed subsidiary ONGC Green Ltd. (OGL) and Ever Enviro.
ii. ONGC and IOC ink MoU to establish a small-scale Liquefied Natural Gas (LNG) plant by IOCL near Hatta Gas Field of Vindhyan Basin: This collaboration aims at harnessing the power of LNG to drive sustainable growth and energy security.
iii. Jorhat Asset achieves 700 TPD oil production: All-time high oil production of 700 TPD was achieved at Jorhat Asset.

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