Mumbai, Nov. 10 -- Oil and Natural Gas Corporation (ONGC) reported a 57.3 per cent year-on-year increase in standalone net profit to Rs. 154.89 bn for the second quarter of FY27, supported by stronger crude oil realisations. Standalone gross revenue rose 32.8 per cent to Rs. 438.75 mn during the July-September quarter, compared with Rs. 330.3 mn in the corresponding period a year earlier.
Crude oil realisation from nominated fields increased 37.1 per cent to USD 92.33 per barrel in Q2 FY27, from USD 67.34 per barrel in the year-ago period. Realisation from joint venture fields rose 41.9 per cent to USD 97.02 per barrel. For the first half of FY27, standalone net profit reached a record Rs. 325.22 bn, up 82 per cent from Rs. 178.72 bn previously, while revenue increased 38.9 per cent to Rs. 903.36 mn.
On a consolidated basis, net profit grew 46.9 per cent to Rs. 185.35 bn in the quarter. Consolidated gross revenue rose 25.6 per cent to Rs. 1.98 tn. The board approved an interim dividend of 160 per cent, equivalent to Rs. 8 per equity share with a face value of Rs. 5, involving a total payout of Rs. 100.64 bn.
The record date for the dividend is November 12. Standalone crude oil production declined to 4.437 mn t in Q2 FY27 from 4.630 mn t a year earlier, while natural gas production fell to 4.839 bn cubic metres from 4.918 bn cubic metres. ONGC attributed the moderation to reservoir-related complexities at its KG-98/2 asset, monsoon-related operating challenges and delays in pipeline replacement projects.
The company awarded two Western Offshore development projects involving investment of about Rs. 118 bn, with estimated hydrocarbon potential of 22 mn t of oil equivalent. It also awarded Pipeline Replacement Project-X for more than Rs. 43 bn. During the quarter, ONGC notified two onshore discoveries, Amraghat-1 in Assam and Vadatal-48 in the Cambay basin.
Published by HT Digital Content Services with permission from Construction World.