ONGC Q1 net profit drops 10 pc 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 USD 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 USD 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 USD 6.64 per million British thermal units in Q1 from USD 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 USD 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."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 minutes ago
- Time of India
ET Soonicorns Summit 2025: Licious founders on building India's first scaled meat brand
Academy Empower your mind, elevate your skills The ET Soonicorns Summit 2025 returns to Bengaluru on 22 August, featuring a fireside chat with the founders who have significantly shaped a category long considered difficult to organise. In a session titled 'The Mindset of Market Makers: Lessons from Building India's First Scaled Meat Brand,' disruptors Abhay Hanjura and Vivek Gupta will reveal how they built Licious, India's first direct-to-consumer (D2C) unicorn, by tackling one of the country's most fragmented and challenging generations, buying meat in India was associated with compromised hygiene, inconsistent quality, and a fundamental lack of trust. The experience was confined to local wet markets and neighbourhood butcher shops, where freshness was often subjective and formal quality assurance standards were limited. The concept of meat and seafood as a premium, branded product seemed alien to a market driven by proximity and founded in 2015 by Abhay Hanjura and Vivek Gupta, dived into this complex dynamics. The company proposition challenged convention: offering Indian consumers a trustworthy, hygienic, and convenient way to buy high-quality meat and seafood, delivered to their meat market is a colossal opportunity, valued at over USD 55 billion, but with over 90% of it remaining in the unorganised sector. According to a 2023 Economic Times report , independent ecommerce analyst and Datum Intelligence advisor Satish Meena estimated the size of India's online meat and seafood market at around ₹2,500–3,000 crore. This represented less than 1% of the country's total meat and seafood sector, which continues to be largely fragmentation created a notable gap in quality, safety, and consumer experience—one that Licious set out to address. The company's journey from a disruptive idea to a market leader offers a playbook on how to build a brand by solving deep-seated consumer problems through operational and technological commodity to brand: How do you build trust and brand loyalty for a product that has always been treated as an unbranded commodity?The cold chain moat: Was the decision to build a complex, temperature-controlled supply chain from the ground up the key to their defensibility?The science of freshness: How does technology, from predictive analytics for demand to over 150 quality checks, transform the business of fresh protein?Expanding the kitchen share: How did Licious move beyond fresh cuts to ready-to-cook and ready-to-eat categories to increase customer loyalty and order value?The omnichannel play: In a D2C-first world, what is the strategy behind expanding into physical retail stores, and how does it complement the digital experience?Abhay Hanjura and Vivek Gupta have built a company that has influenced consumer behaviour in India's meat and seafood segment. Licious's success is a testament to solving a core problem, not with superficial features, but by re-engineering the entire value the heart of Licious's defensibility is its farm-to-fork model, which includes a meticulously managed cold chain that ensures products are maintained between 0-4°C from sourcing to processing and last-mile delivery. This prioritising of quality and freshness has built immense trust with consumers, reflected in repeat purchase rates. Their journey with Licious offers crucial lessons on building a moat through operational rigor, deep-seated in technology and an unwavering focus on the founders' vision extended beyond delivering fresh meat, aiming to elevate what was once a purely transactional purchase into a more premium experience. By introducing vacuum-sealed packaging, precise cuts, and removing the odour and inconvenience associated with traditional butcher shops, Licious made buying meat a clean, modern, and reliable activity. The expansion into ready-to-cook meals, marinades, and even plant-based alternatives under the brand 'Uncrave' showcases their ability to evolve with consumer needs and capture a larger share of the Indian Indian startups navigate an increasingly competitive landscape, the ability to identify a broken consumer experience and rebuild it from the ground up will be the ultimate differentiator. Licious's journey suggests that market leadership requires more than disruption—it demands the sustained effort of building a trustworthy and dependable Hanjura and Gupta take the ET Soonicorns Summit 2025 stage, they will discuss how a sustained focus on the consumer and operational excellence can help develop and expand a market category. The company's significant reduction in losses in FY24, alongside its strategic expansion into omnichannel retail, underscores its sustainable growth model. Licious's story is a masterclass in how addressing a core consumer problem can lead to building a large-scale business ET Soonicorns Summit 2025, India's largest congregation of soonicorns, returns for its fourth edition to Bengaluru on August 22, bringing together unicorn and soonicorn founders, investors, policymakers, and AI leaders for a day of sharp dialogue, bold ambition, and hard questions. With the theme 'From Research Labs to Revenue Models: The Billion-Dollar Blueprint for Scaling Indian AI Startups,' this year's edition is poised to redefine what scale means in the Indian context.360 ONE is the Presenting Partner of the ET Soonicorns Summit 2025, with Raymond as the Wardrobe Partner and Shiv Nadar University as the Ecosystem Partner.
The Hindu
17 minutes ago
- The Hindu
Coimbatore industries urged to tap research opportunities with the U.K.
Coimbatore's industries have opportunities to collaborate with those in the U.K., especially in research and development, said Halima Holland, British Deputy High Commissioner for Tamil Nadu and Puducherry, at a recent meeting in Coimbatore. Addressing the members of the Coimbatore District Small Industries Association (CODISSIA) and other industrial associations here, she spoke on the opportunities arising for industries because of the India - U.K. trade agreement. She emphasised the U.K.'s commitment to fostering collaborations in sectors such as manufacturing and research and said Coimbatore's industries were well positioned to benefit from this trade agreement. M. KarthiKeyan, president of CODISSIA, highlighted the strength of the MSME sector in the city and pointed out that many member industries were keen to explore business opportunities in the U.K. to expand their global presence. Treasurer of CODISSIA P. Ponram gave a presentation about the Coimbatore industrial ecosystem and the role of MSMEs in various sectors.
&w=3840&q=100)
Business Standard
17 minutes ago
- Business Standard
UK growth slows in second quarter but comes in higher than expected
Though that was lower than the 0.7 per cent increase in the first quarter of the year, it was ahead of market expectations of only a 0.1 per cent rise AP London Britain's economy slowed down during the second quarter of the year in the face of higher taxes on businesses and global tariff uncertainties, but growth came in higher than anticipated, official figures showed Thursday. The Office for National Statistics said output expanded by 0.3 per cent during the second quarter from the previous three-month period, largely as a result of a strong performance in June. Though that was lower than the 0.7 per cent increase in the first quarter of the year, it was ahead of market expectations of only a 0.1 per cent rise. The bigger than expected increase will be welcome news to the Labour government, which has made improving growth its number one priority since it returned to power in July 2024. Higher growth will also bolster public finances as it leads to higher tax revenues. If growth continues to beat expectations in coming months, Treasury chief Rachel Reeves will be under less pressure to deliver another big tax-raising budget this fall. Reeves said Thursday's figures were positive but added that there is more to do to drive growth in the economy. The British economy, the sixth-largest in the world, has under-performed its long-run average since the global financial crisis of 2008-9. Critics say Reeves is partly responsible for much of the gloomy economic news since Labour returned to power after 14 years, because she was overly downbeat when taking on her role and has increased taxes, particularly on businesses. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
