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Business Standard
3 days ago
- Business
- Business Standard
ONGC Q1 results: Net profit falls 10% to ₹8,024 cr on lower oil prices
State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. 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.
Mint
3 days ago
- Business
- Mint
ONGC Q1 net profit drops 10 pc on lower oil prices
New Delhi, Aug 13 (PTI) State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. 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."
News18
3 days ago
- Business
- News18
ONGC Q1 net profit drops 10 pc on lower oil prices
Last Updated: New Delhi, Aug 13 (PTI) State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 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 Rs 1,703 crore, delivering an additional Rs 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. 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." PTI ANZ DRR view comments First Published: August 13, 2025, 13:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
3 days ago
- Business
- Time of India
ONGC Q1 net profit rises 18.2% to ₹11,554 crore on higher new well gas revenue
New Delhi: State-run Oil and Natural Gas Corporation (ONGC) on Tuesday reported an 18.2 per cent year-on-year rise in consolidated net profit at ₹11,554 crore for the quarter ended June 30, 2025, aided by higher revenues from new well gas sales. 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.
