State-owned Oil and Natural Gas Corporation (ONGC) reported a 16.7% decline in net profit for the third quarter of the 2024-25 financial year, primarily due to lower crude oil prices. The company’s standalone net profit stood at ₹8,240 crore, down from ₹9,892 crore in the same period last year.

 

Despite the dip in earnings, ONGC declared a second interim dividend of ₹5 per share, bringing the total payout to ₹6,290 crore. This follows an earlier ₹6 per share interim dividend announced in November.

 

Key Financial Highlights:

•Revenue: Fell 3.1% to ₹33,771 crore due to lower crude oil prices.

•Crude Oil Price Realization: $72.57 per barrel, down from $81.13 in Q3 2023.

•Natural Gas Price: Remained unchanged at $6.50 per MMBtu.

 

Production Growth Despite Challenges

 

Despite financial setbacks, ONGC has managed to increase crude oil production for two consecutive quarters.

•Crude Oil Production (Q3 FY25): 4.653 million tonnes, up 2.2% YoY.

•Crude Oil Production (Apr-Dec 2024): 13.858 million tonnes, a 1.2% increase from last year.

•Natural Gas Production (Q3 FY25): 4.978 billion cubic meters, showing a slight 0.3% growth.

 

Additionally, ONGC’s KG-DWN-98/2 block in the Krishna-Godavari basin is producing around 35,000 barrels per day from five deepwater oil wells.

 

New Discoveries & Future Outlook

 

So far in FY 2024-25, ONGC has made seven oil and gas discoveries across onshore and offshore fields, strengthening its resource base.