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ONGC Q1 results: Net profit falls 10% to ₹8,024 cr on lower oil prices
The company reported a net profit of ₹8,024 crore in the first quarter of 2025-26 fiscal year, compared to ₹8,938 crore earning in the same period last year, a company statement said.
The firm realised $67.87 for every barrel of crude oil it pumped out of ground and below seabed from sale to refiners, who convert it into fuels like petrol and diesel, as compared to $80.64 per barrel realisation in April-June 2024.
Price of natural gas, which is used to generate electricity, produce fertiliser or turned into CNG and piped cooking gas, marginally rose to $6.64 per million British thermal units in Q1 from $6.5 in last year.
ONGC said gas from new wells it drills is eligible for a 20 per cent premium over the government set price, called APM.
"ONGC is actively working to boost output from such wells. In Q1 of 2025-26 (FY'26), revenue from new well gas stood at ₹1,703 crore, delivering an additional ₹333 crore compared to the APM gas price," the statement said.
The company produced 4.683 million tonnes of crude oil in Q1, almost the same as last year's 4.629 million tonnes. Gas output too was almost unchanged at 4.846 billion cubic meters in the quarter.
During the quarter, the firm made two discoveries of hydrocarbons in the Mumbai offshore.
Other highlights of the quarter included commencement of production from the PY-3 field -- a joint venture of ONGC, Hardy Exploration & Production (India) Inc, and Invenire Petrodyne Ltd located offshore in the Cauvery Basin on the east coast of India. The field is producing 4,000 barrels of oil per day and 88,000 standard cubic meters a day of gas.
Also, North Karanpura CBM block was put on production.
"ONGC commenced the supply of treated natural gas from its newly established gas treatment facility at Palatana, Tripura on June 9. 2025. The gas is being supplied to the city gas distribution (CGD) network in the Gomati through GAIL, enhancing the region's access to cleaner fuel," the statement said.
The firm said it has got special dispensation from the Ministry of Petroleum and Natural Gas for selling gas to Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) at $6.5 per mmBtu from Jodhpur. RRVUNL conveyed their consent for offtake of around 0.1 million standard cubic meters per day of gas using the existing GAIL gas pipeline.
ONGC and its overseas subsidiary, ONGC Videsh signed an MOU for coordinated marketing functions. "This MoU is the first step towards enhancing operational synergy and optimizing marketing efficiencies for ONGC and its group companies.
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Time of India
9 minutes ago
- Time of India
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First Post
9 minutes ago
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India and Pakistan at 78: New Delhi shines, as Islamabad struggles
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The economics of it all Before the British arrived in India, the nation was among the richest in the world. According to historian Angus Maddison, India's share of world GDP was 24.4 per cent in 1700 before the British rule. However, the British Raj plundered and looted India's wealth — Oxfam in a 2025 report noted that the United Kingdom extracted $64.82 trillion from India over a century of colonialism between 1765 and 1900. In fact, when they left, Maddison notes that India's share of world GDP had fallen to a mere 4.2 per cent by 1950. When they finally left, India and Pakistan inherited similar economies, marked by neglect and under-investment from their coloniser. Data shows that the economies were among the poorest in the world. However, independence almost immediately led to strong growth and fuelled significant gains in education, health care and other areas of development. Today, on every economic parameter, India outperforms Pakistan. 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India also holds a significant advantage in mechanised warfare platforms. Its ground force arsenal includes 4,201 tanks, notably the T-90 Bhishma and domestically developed Arjun series, as well as over 148,000 armoured vehicles — roughly three times Pakistan's count. Even in the skies, India holds the edge; India's Air Force is larger and better equipped across most parameters. It operates a total of 2,229 aircraft, including 513 fighter jets such as the Su-30MKI, Rafale and indigenous Tejas fighters. Its fleet also comprises 899 helicopters, including attack and utility variants, and six aerial refuelling tankers. STORY CONTINUES BELOW THIS AD Pakistan, by contrast, operates 1,399 aircraft, which include 328 fighter jets — primarily the F-16 and JF-17 Thunder — and 373 helicopters. Pakistan has four aerial tankers. Both countries are also nuclear-armed. India has 180 warheads compared to Pakistan's 170 warheads. 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File image/AFP However, Pakistan struggles with it. The neighbouring nation saw democracy suspended between 1958 and 1969, 1977 and1988 and again between 1998 and 2008 altogether. During these periods, political power was concentrated within the military. Even during periods of civilian rule, the Pakistan army and its powerful Inter-Intelligence-Services have retained the right to set the country's foreign and security policy. STORY CONTINUES BELOW THIS AD Even today, rumours of a possible military coup swirl as Pakistan's army chief Asim Munir elevated himself to the position of Field Marshal and since then been building closer ties to American President Donald Trump. Women's rights and safety Gender inequality continues to remain a big issue in India and Pakistan. However, when it comes to a comparison, India is leaps ahead. In the World Economic Forum's Global Gender Gap Report, India ranks a 131 — a dip from the previous year — whereas Pakistan ranked 148. Gender-based violence is another aspect where India and Pakistan still have miles to go. According to a report titled, 'Mapping Gender-Based Violence in Pakistan' by the Sustainable Social Development Organization (SSDO), in 2024, over 24,000 cases of abductions and kidnappings were reported across Pakistan, ranking as one of the highest reported kinds of gender-based violence. On average, 67 cases were reported daily. But the conviction rate in such cases was a dismal 0.1 per cent. People carry signs against to condemn violence against women and girls, during a protest in Karachi. File image/Reuters Moreover, as per the SSDO report, over 2,000 cases of domestic violence, more than 500 cases of honor killings and over 5,000 cases of rape were reported across Pakistan in 2024, with conviction rates below two per cent for each of these crimes. STORY CONTINUES BELOW THIS AD And what about India? According to official data, nearly 45,000 rape cases were investigated in 2022. But among the cases that went to trial, there were convictions in just over 5,000 — a rate of 27.4 per cent, lower than for cases of murder, kidnapping and other violent crimes. In 2023, the Georgetown Institute for Women, Peace and Security ranked India 128th out of 177 countries in its annual index on women's inclusion, justice and security. On this same list, Pakistan was ranked 158. Let the games continue India and Pakistan are rivals not just off the field but also on the field. In fact, India-Pakistan sports rivalries are unlike any other. Their clashes when it comes to any sport, especially cricket, turn into the ultimate sporting spectacle. The last time India and Pakistan squared off in a cricket match — back in February during the Champions Trophy — it set new television viewership records. The match in Dubai, was watched by an unprecedented 20.6 crore viewers on TV, making it the second most-watched cricket match in Broadcast Audience Research Council (BARC) history, excluding World Cup matches. But when it comes to which is the better team, India's Men in Blue outperform the Pakistani side. While India is adjudged as the best ODI team as per the ICC rankings, Pakistan is at the fifth position. India's Axar Patel celebrates with Kuldeep Yadav after running out Pakistan's Imam-ul-Haq during the India v Pakistan match during the ICC Men's Champions Trophy. File image/Reuters Apart from cricket too, India outperforms Pakistan in the world of sports. At the Olympics, India has been able to secure 41 has medals with Norman Pritchard opening India's account in Paris 1900 with a dual silver. As for Pakistan, the total stands 11 with four golds, three silvers, and four bronzes at the marquee Games. STORY CONTINUES BELOW THIS AD All in all, it seems that the twins — India and Pakistan — have charted vastly different political and economic trajectories. While both countries started with similar colonial legacies, today India stands as the world's largest functional democracy and one of the fastest-growing major economies. In contrast, Pakistan remains a land where the military's writ runs, and the nation itself continues to struggle with recurring crises. With inputs from agencies
Time of India
17 minutes ago
- Time of India
Tesla drives into Delhi: Inside details of Aerocity Experience Centre; test drives, ultra-fast chargers & more
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