New Delhi: Oil and Natural Gas Corporation (ONGC) posted robust Q1 FY26 results with higher profits and steady operational gains. Consolidated net profit jumped 18.2% to ₹11,554 crore, supported by improved oil output and revenue from new well gas sales.
Financial Performance and Revenue Trends
Consolidated gross revenue stood at ₹1,63,108 crore, down 3.5% year-on-year. Net profit attributable to owners was ₹9,804 crore, marking a 1.7% decline. Standalone gross revenue fell 9.3% to ₹32,003 crore, while standalone net profit dropped 10.2% to ₹8,024 crore due to lower realizations.
Oil and Gas Realizations
Nominated crude oil realized US$66.13 per barrel, while JV crude fetched US$67.87 per barrel in Q1. Nomination gas prices averaged $6.64 per mmbtu. New well gas commanded $8.26 per mmbtu — a 20% premium over APM pricing — generating ₹1,703 crore in revenue, including ₹333 crore in additional gains versus APM rates.
Production Growth and Stability
Standalone crude oil production rose 1.2% to 4.683 MMT. Standalone natural gas production remained stable at 4.846 BCM. The PY-3 field joint venture began oil and gas output, while CBM Bokaro’s North Karanpura block commenced gas sales in May 2025. ONGC also initiated gas supply to the CGD network from Palatana, Tripura.
New Discoveries and Exploration Success
The company reported two offshore discoveries in operated acreages — a prospect and a pool discovery. The Vajramani well produced oil at 2,122 barrels per day and gas at 83,120 cubic metres per day. The MBS202HAA-1 well flowed oil at 413 barrels per day and gas at 15,132 cubic metres per day.
Operational Milestones
ONGC commissioned the ASP Jhalora plant at Ahmedabad Asset and installed its first onshore Mobile Processing Platform (MPP) system in the same region. The Ministry of Petroleum and Natural Gas approved gas sales to RRVUNL at USD 6.5 per mmbtu. ONGC and its overseas arm, OVL, signed an MoU for coordinated marketing of crude oil and petroleum products. The company also secured a patent for a reservoir evaluation process.
About ONGC
Oil and Natural Gas Corporation (ONGC) is a Maharatna PSU engaged in oil and gas exploration, development, and production in India and overseas. The company plays a vital role in strengthening India’s energy security through sustained investments and technological advancements.
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