Noida, Aug 4 (APAC Media): State-owned ONGC on Tuesday reported a 21% year-on-year increase in consolidated net profit attributable to owners at Rs 11,899 crore for the April-June quarter of FY27, compared with Rs 9,804.2 crore in the corresponding period a year earlier, according to filing.
Revenue from operations rose 25.7% year-on-year to Rs 2,04,987 crore in the April-June quarter of FY27, compared with Rs 1,63,106 crore in the corresponding period a year earlier.
The ONGC Group’s consolidated profit after tax (PAT) for the April-June quarter was significantly impacted by a consolidated net loss of Rs 12,265 crore at HPCL, primarily due to under-recoveries on petroleum products following the sharp rise in crude oil prices triggered by the West Asia crisis, the company said.
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During the April-June quarter of FY27, revenue from new well gas stood at Rs 3,998 crore, generating an additional Rs 1,897 crore over the Administered Price Mechanism (APM) gas price. New well gas accounted for about 38% of the company’s total revenue from its nomination gas portfolio during the quarter, ONGC added.
ONGC’s crude oil price realisation witnessed a sharp improvement during the quarter, supported by stronger global crude oil prices. The company’s net crude oil realisation rose 50.4 per cent year-on-year to $99.45 per barrel, compared with $66.13 per barrel in the same quarter last year.
Crude oil realisation from joint venture operations also climbed 52.3 per cent to $103.34 per barrel, against $67.87 per barrel recorded in the corresponding period a year ago.
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Meanwhile, ONGC’s APM nomination gas price increased 5.4 per cent to $7 per mmBtu from $6.64 per mmBtu a year earlier. Realisation from new well gas saw a stronger rise, jumping 61.5 per cent to $13.31 per mmBtu from $8.24 per mmBtu during the same period.
Encouraged by the early positive results of TSP-1, ONGC has appointed bp as its Technical Services Provider (TSP) for the entire Western Offshore portfolio through an international competitive bidding process and remains optimistic about the long-term potential of the assets, the company said.
In collaboration with bp, ONGC is implementing a comprehensive programme that includes reservoir and pressure management, enhanced water injection, pipeline replacement, and several major capital projects aimed at improving production performance and asset integrity.
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The company said the initiatives are backed by one of the largest ongoing capital investment programmes in its Western Offshore operations, with projects worth more than Rs 40,000 crore currently under implementation. ONGC expects the benefits of these investments to progressively materialise from FY28 onwards, resulting in higher production, improved recovery, and sustained value creation.
Commenting on the government’s approval of the National Offshore Exploration Scheme, Samudra Manthan, ONGC said the initiative marks a significant step towards unlocking India’s offshore energy potential and strengthening the country’s long-term energy security.
ONGC and Reliance Industries Ltd (RIL) have operationalised the sharing of Multi Support Vessels (MSVs) for the Eastern Offshore Asset, enhancing operational efficiency. Separately, ONGC has extended helicopter services to Oil India Ltd (OIL) for crew change and Medivac operations during its East Coast drilling campaigns on a chargeable basis.
–ENDS–
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