Latest news with #Suryamani
Business Standard
13-08-2025
- Business
- Business Standard
ONGC rises after Q1 PAT jumps 24% QoQ to Rs 8,024 cr
Oil & Natural Gas Corporation (ONGC) advanced 1.66% to Rs 239.40 after the company reported a 24.44% increase in standalone net profit to Rs 8,024.23 crore in Q1 FY26 as against Rs 6,448.28 crore reported in Q4 FY25. Revenue from operations declined 8.52% sequentially to Rs 32,002.89 crore in the quarter ended 30 June 2025. On a year-on-year basis, the company reported a 10.2% fall in standalone net profit to Rs 8,024.23 crore on a 9.3% drop in revenue from operations to Rs 32,002.89 crore in Q1 FY26 over Q1 FY25. Profit before tax (PBT) declined 10.1% YoY to Rs 10,744.33 crore in the quarter ended 30 June 2025. Total expenses fell 11.0% to Rs 22,469.06 crore during the quarter compared with Rs 25,242.86 crore in Q1 FY25. The cost of materials consumed stood at Rs 1,071.94 crore (up 32.9% YoY), the survey cost stood at Rs 533.87 crore (down 29.7% YoY), while the exploration well cost was at Rs 937.97 crore (up 6.1% YoY) during the period under review. The companys net crude oil realization was $66.13 per barrel (down 20.4% YoY) during the period under review. Gas from new wells is eligible for a 20% premium over the domestic APM gas price. ONGC is actively working to boost output from such wells. In Q1 FY26, revenue from new well gas stood at Rs 1,703 crore, delivering an additional Rs 333 crore compared to the APM gas price, the company said in a press release. The standalone crude oil production during Q1 FY26 stood at 4.683 million metric tonnes (MMT), up 1.2% from 4.629 MMT recorded in Q1 FY25. The standalone natural gas production was 4.846 billion cubic meters (BCM) in Q1 FY26 against 4.863 BCM in Q1 FY25. ONGC announced two offshore discoveries in Q1 FY26the Vajramani prospect in Mumbai Offshore (SW), which tested at 2,122 barrels of oil per day (BOPD) and 83,120 cubic meters of gas daily, and the Suryamani pool discovery in the Mukta Formation. Production commenced from the PY-3 Field in the Cauvery Basin and the North Karanpura coal bed methane block, while a new gas supply began to the CGD sector in Tripura. The company also commissioned its largest ASP (alkaline surfactant polymer) plant in Ahmedabad and its first onshore multiphase pumping system. On a consolidated basis, the companys net profit rose 18.20% year on year (YoY) to Rs 11,554.21 crore in Q1 FY26 from Rs 9,776 crore in Q1 FY25, while revenue from operations fell 3.47% YoY to Rs 1,63,108.12 crore from Rs 1,68,967.98 crore in the same quarter last year. Meanwhile, the board of directors has accorded approval for an investment of Rs 4,963.06 crore for setting up a 0.6 GW (300 MW solar and 300 MW wind) renewable power project by 2028. Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services.
Time of India
13-08-2025
- 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.
Economic Times
25-05-2025
- Business
- Economic Times
ONGC makes promising oil, gas discoveries in Mumbai offshore
Oil and Natural Gas Corporation has announced significant oil and gas discoveries in the Mumbai Offshore basin. These finds, named Suryamani and Vajramani, were made in blocks awarded under the Open Acreage Licensing Policy. Exploratory wells have shown promising flow rates of both oil and gas. Another discovery was also made in the KG basin. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads State-owned Oil and Natural Gas Corporation ( ONGC ) has made promising offshore oil and gas discoveries in the Mumbai Offshore basin that could help augment production in the near future. The discoveries have been made in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the state-owned firm said in its fourth-quarter earnings discoveries, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter."This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," ONGC during the current quarter, a second zone was tested on the same well, which flowed 413 barrels per day of oil and 15,132 cubic metres a day of gas."This hydrocarbon success in Mukta Formation was encountered for the first time in OALP Block MB-OSHP-2020/2 and was notified as New Pool Discovery of Suryamani prospect."Exploratory well MBS181HNA-1 in OALP-III Block MB-OSHP-2018/1 Mumbai flowed 2,122 barrels of oil per day and 83,120 cubic metres of gas a day during testing."This discovery is an independent fault bounded nosal feature and lies in the western part of the block MB-OSHP-2018/1. The success in well MBS181HNA-1 was notified as New Prospect Discovery named as 'Vajramani'," ONGC offshore is home to India's biggest oil and gas fields. Mumbai High, located 160 km off the west coast of India in the Arabian Sea, is the nation's largest and most prolific offshore oil and gas field produces about 1,34,000 barrels per day (bpd), accounting for 35 per cent of India's domestic oil production. The field also produces around 10 million standard cubic metres per day (mmscmd) of gas, representing about 18 per cent of the country's gas Offshore is also home to the giant Bassein and Satellite gas fields and other significant fields like Heera and Neelam, and imports more than 85 per cent of its oil needs and about half of its natural gas requirement. The new discoveries will help augment domestic production, although ONGC gave no timelines for developing the new finds or the production Mumbai offshore, ONGC also made a discovery in the KG basin on land block during the January-March well Yandapalli-1 drilled down to the depth of 3,958 metres in Malleswaram PML in the onland sector of KG Basin found oil and gas reserves, ONGC said."This hydrocarbon success of well Yandapalli-1 was notified as New Prospect discovery," it added.
Hans India
25-05-2025
- Business
- Hans India
ONGC strikes more oil & gas in Mumbai offshore basin
Government-owned Oil and Natural Gas Corporation (ONGC) has made new oil and gas discoveries in the Mumbai Offshore hydrocarbon basin that are expected to enhance the production of the upstream oil giant in the near future. The discoveries, which have been named 'Suryamani' and 'Vajramani', have been struck in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the ONGC said in a statement issued as part of its January-March quarterly financial results. Exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 yielded 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter. "This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," the ONGC said in the statement. Subsequently, during the current quarter, a second zone was tested on the same well, from which flowed 413 barrels per day of oil and 15,132 cubic metres a day of gas. "This hydrocarbon success in Mukta Formation was encountered for the first time in OALP Block MB-OSHP-2020/2 and was notified as a New Pool Discovery of the Suryamani prospect. Exploratory well MBS181HNA-1 in OALP-III Block MB-OSHP-2018/1 Mumbai flowed 2,122 barrels of oil per day and 83,120 cubic metres of gas a day during testing." "This discovery is an independent fault-bounded nosal feature and lies in the western part of the block MB-OSHP-2018/1. The success in well MBS181HNA-1 was notified as New Prospect Discovery named as 'Vajramani'," the ONGC statement said. Apart from Mumbai offshore, ONGC made another hydrocarbon discovery in the KG basin land block during the January-March quarter. Exploratory well Yandapalli-1, drilled down to a depth of 3,958 metres in Malleswaram PML in the onland sector of KG Basin, found oil and gas reserves, the ONGC statement added. "This hydrocarbon success of well Yandapalli-1 was notified as a New Prospect discovery," it added. The discoveries have provided hope at a time when India's imports of oil and gas have been steadily increasing due to ONGC's ageing oil and gas fields. Currently, around 85 per cent of the country's oil requirement is met through imports.
The Hindu
25-05-2025
- Business
- The Hindu
ONGC makes promising oil, gas discoveries in Mumbai offshore
State-owned Oil and Natural Gas Corporation (ONGC) has made promising offshore oil and gas discoveries in the Mumbai Offshore basin that could help augment production in the near future. The discoveries have been made in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the state-owned firm said in its fourth-quarter earnings statement. The discoveries, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai basin. Exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter. "This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," ONGC said. Subsequently, during the current quarter, a second zone was tested on the same well, which flowed 413 barrels per day of oil and 15,132 cubic metres a day of gas. "This hydrocarbon success in Mukta Formation was encountered for the first time in OALP Block MB-OSHP-2020/2 and was notified as New Pool Discovery of Suryamani prospect." Exploratory well MBS181HNA-1 in OALP-III Block MB-OSHP-2018/1 Mumbai flowed 2,122 barrels of oil per day and 83,120 cubic metres of gas a day during testing. "This discovery is an independent fault bounded nosal feature and lies in the western part of the block MB-OSHP-2018/1. The success in well MBS181HNA-1 was notified as New Prospect Discovery named as 'Vajramani'," ONGC said. Mumbai offshore is home to India's biggest oil and gas fields. Mumbai High, located 160 km off the west coast of India in the Arabian Sea, is the nation's largest and most prolific offshore oil and gas field. The field produces about 1,34,000 barrels per day (bpd), accounting for 35 per cent of India's domestic oil production. The field also produces around 10 million standard cubic metres per day (mmscmd) of gas, representing about 18 per cent of the country's gas output. Mumbai Offshore is also home to the giant Bassein and Satellite gas fields and other significant fields like Heera and Neelam, and Panna-Mukta. India imports more than 85% of its oil needs and about half of its natural gas requirement. The new discoveries will help augment domestic production, although ONGC gave no timelines for developing the new finds or the production potential. Besides Mumbai offshore, ONGC also made a discovery in the KG basin on land block during the January-March quarter. Exploratory well Yandapalli-1 drilled down to the depth of 3,958 metres in Malleswaram PML in the onland sector of KG Basin found oil and gas reserves, ONGC said. "This hydrocarbon success of well Yandapalli-1 was notified as New Prospect discovery," it added.
