New Delhi: Oil and Natural Gas Corporation Limited (ONGC), India’s largest crude oil and natural gas producer, reported strong financial performance for the second quarter of FY 2025-26, with consolidated net profit surging 28.2% year-on-year to ₹12,615 crore. The company’s Board also declared an interim dividend of ₹6 per equity share on a face value of ₹5 each — a 120% payout, amounting to a total outgo of ₹7,548 crore. The record date for the dividend has been set as November 14, 2025.
Financial Performance
For Q2 FY’26, ONGC’s consolidated gross revenue stood at ₹1,59,331 crore. On a standalone basis, the company recorded a net profit of ₹9,848 crore. The healthy growth in profits reflects improved operational efficiency, cost optimisation, and steady crude oil production.
Operational Highlights
Crude Oil Production:
ONGC’s standalone crude oil output rose 1.2% year-on-year to 4.630 million metric tonnes (MMT) in Q2. For the first half (H1) of FY’26, production reached 9.314 MMT compared to 9.204 MMT in H1 FY’25, showcasing consistent growth momentum.
Natural Gas Production:
Standalone natural gas output remained largely stable at 4.918 billion cubic metres (BCM). Notably, New Well Gas (NWG) contributed over 21% of total gas revenue from nomination fields in H1 FY’26, generating ₹3,352 crore in revenue — ₹651 crore higher than the APM gas price.
Exploration & Production Developments
During H1 FY’26, ONGC announced two new hydrocarbon discoveries — Vajramani and MBS202HAA-1. Under its flagship deepwater exploration initiative “Samudra Manthan”, the company intensified ultra-deepwater drilling activities in the Andaman Offshore region and continued seismic data acquisition across India’s East and West Coasts.
ONGC also drilled eight exploratory wells across Category-II & III basins, including Andaman Offshore, Bengal Onland, Kutch, Narmada, and South Rewa basins.
Strategic Collaborations and Partnerships
The company entered into several key collaborations during the period:
- MoU with Vedanta Ltd. for early monetisation of the Jantapathar Gas Field (A&AA Basin).
- Joint Operating Agreement with BP Exploration (Alpha) Ltd and Reliance Industries Ltd for exploration in the Saurashtra Basin under OALP-IX.
- HoA with Mitsui OSK Lines, Japan, to establish joint ventures for two Very Large Ethane Carriers (VLECs) for ONGC Petro additions Ltd. (OPaL).
- LPG Sale & Purchase Agreement with HPCL to boost domestic LPG production and reduce imports.
- Co-development Pact between ONGC-CIL JV and JSW Steel Ltd for the Jharia CBM Block — a first-of-its-kind collaboration in India.
Deployment of VisiTraK technology in the Panna, B&S Asset further enhanced drilling efficiency, saving rig time and reducing costs.
Innovation and Recognition
ONGC strengthened its R&D portfolio by securing two new patents — Fracturing Fluid Formulation using Effluent Water (India) and ThixoLite Lightweight Drilling Composition (U.S.).
The company also received multiple prestigious awards, including:
- SCOPE Eminence Award 2022-23 for CSR & Responsiveness, presented by the Hon’ble President of India.
- CIPS ProcureCon Excellence in Procurement Awards Asia 2025 – Winner, Best Approach to Risk Mitigation.
- Global Sustainability Champion Awards 2025 – Platinum Category.
- Economic Times Energy Leadership Award 2025 – Excellence in Digitization.
About ONGC
Oil and Natural Gas Corporation (ONGC) is a leading public sector undertaking (PSU) and India’s flagship energy Maharatna company, engaged in exploration, production, and development of oil and gas resources. As a key contributor to the nation’s energy security, ONGC drives sustainable growth and value creation across the hydrocarbon sector.
