New Delhi: Oil and Natural Gas Corporation Limited (ONGC) has reported a standalone net profit of Rs 8,240 crore for the third quarter (Q3) of the financial year 2024-25, compared to Rs 9,892 crore in the same period last year, reflecting a 16.7 percent decline. The company’s gross revenue for the quarter stood at Rs 33,717 crore, slightly down from Rs 34,788 crore in Q3 FY24. ONGC’s board has approved a second interim dividend of Rs 5.00 per share, amounting to a total payout of Rs 6,290 crore.
On the production front, ONGC recorded a 2.2 percent increase in standalone crude oil production, reaching 4.653 million metric tonnes (MMT) in Q3 FY25. Natural gas production also showed an upward trend, registering a marginal growth of 0.3 percent at 4.978 billion cubic meters (BCM). The commissioning of five oil wells in the KG-DWN-98/2 Cluster-II field contributed to this growth, enhancing production to approximately 35,000 barrels per day.
In exploration activities, ONGC made seven new discoveries in FY25, with four on-land and three offshore finds. The company also monetized its West Matar-2 discovery and commenced production from two additional oil discoveries in the KG-DWN-98/2 block.
Strategic initiatives included a memorandum of understanding (MoU) with Power Grid for green hydrogen and clean energy projects, aligning with India’s National Green Hydrogen Mission. ONGC also increased its stake in OPaL to 95.69 percent, making it a subsidiary, and signed an agreement with GAIL for the sale of new well gas from nominated fields.
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