ONGC Q1 net profit rises 18.2% to ₹11,554 crore on higher new well gas revenue
The company's consolidated gross revenue stood at ₹1,63,108 crore in Q1 FY26, down 3.5 per cent from ₹1,68,968 crore a year ago. On a standalone basis, net profit fell 10.2 per cent to ₹8,024 crore, with gross revenue declining 9.3 per cent to ₹32,003 crore.
Gas from new wells, eligible for a 20 per cent premium over the domestic administered price, generated ₹1,703 crore in revenue which is ₹333 crore more than at APM rates.
Standalone crude oil production in the quarter was 4.683 million metric tonnes (MMT), up 1.2 per cent from the year-ago period, while standalone natural gas output was marginally lower at 4.846 billion cubic metres (BCM).
ONGC announced two offshore discoveries — 'Vajramani' in the Mahuva Formation and a new pool discovery 'Suryamani' in the Mukta Formation.
Key developments in the quarter included commencement of production from the PY-3 field in the Cauvery Basin, gas sales from North Karanpura CBM block, and supply of treated gas from Palatana, Tripura, to the city gas distribution network.
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