Oil and Natural Gas Corporation’s consolidated net profit soared 142.4 per cent to Rs 16,553 crore in the second quarter of FY24, up from the same quarter of the previous year. On a sequential basis, profit was down 4.77 per cent down from Rs 17,383 crore net profit.
The company saw its gross revenue decline 12.9 per cent to Rs 1.46 trillion, down from Rs 1.68 trillion registered in Q2 FY23. India’s largest oil producer, ONGC produces over 1.26 million barrels of oil equivalent per day, contributing around 71 per cent
of India’s domestic production.
It's wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 35 Oil & Gas assets in 15 countries.
ONGC's total crude production dropped by 2.1 per cent to 5.249 million metric tonnes (MMT) from 5.360 MMT in Q2 FY23. Further, ONGC’s natural gas production declined by 2.8 per cent to 5.2 billion cubic meters (BCM) in the latest quarter from 5.352 BCM during the same period last year.
The company said reduction in production output can primarily be attributed to decline in some of the matured fields and marginal fields. To counter this decline, ONGC is taking proactive steps by implementing well interventions and advancing new well drilling
activities within these fields.