Oil and Natural Gas Corporation Limited (ONGC) has reported a standalone net profit of Rs 8,240 crore for the third quarter (Q3) of FY 2024-25, marking a decline of 16.7% from Rs 9,892 crore in the same period last year. The company’s gross revenue for the quarter stood at Rs 33,717 crore, slightly lower than the Rs 34,788 crore reported in Q3 of FY24.
Despite the profit decline, ONGC’s board approved a second interim dividend of Rs 5.00 per share, with a total payout amounting to Rs 6,290 crore, reflecting the company’s commitment to returning value to shareholders.
On the production front, ONGC reported a 2.2% increase in standalone crude oil production, reaching 4.653 million metric tonnes (MMT) in Q3 FY25. Additionally, natural gas production showed modest growth, increasing by 0.3% to 4.978 billion cubic meters (BCM). The commissioning of five new oil wells in the KG-DWN-98/2 Cluster-II field played a key role in this growth, enhancing production to approximately 35,000 barrels per day.
In exploration, ONGC made significant strides, with seven new discoveries in FY25—four on-land and three offshore. The company successfully monetized its West Matar-2 discovery and began production from two additional oil discoveries in the KG-DWN-98/2 block.
Strategic initiatives also played a key role in the company’s growth. ONGC signed a memorandum of understanding (MoU) with Power Grid for green hydrogen and clean energy projects, supporting India’s National Green Hydrogen Mission. Furthermore, the company increased its stake in OPaL to 95.69%, making it a subsidiary, and entered into an agreement with GAIL for the sale of new well gas from its nominated fields.
ONGC’s robust production performance, exploration achievements, and strategic partnerships underline its commitment to sustainable growth and aligning with India’s clean energy goals.
