Invest
Exploration & Production company Oil And Natural Gas Corporation announced Q3FY24 results:
Financial Highlights
- Consolidated Net Profit: ONGC reported a consolidated net profit of Rs 10,748 crore for Q3FY24.
- Second Interim Dividend: The company declared a second interim dividend of Rs 4.00 per share, amounting to a total payout of Rs 5,032 crore.
- Gross Revenue: Gross revenue was reported at Rs 1,65,569 crore for Q3FY24, with a negative variance of 2.2% compared to Q3 FY'23.
- Net Profit Comparison: Q3FY24 saw a 7.9% decrease in net profit compared to Q3FY23, which stood at Rs 11,665 crore.
- Realization Per Barrel: For crude oil price-nominated, the realization was $76.44 per barrel, and for the gas price, it was $6.50 per mmbtu.
Production Performance
- Crude Oil: ONGC produced 4.552 MMT of crude oil in FY'24, reflecting a decrease of 2.0% from FY'23.
- Total Crude Oil: The total crude oil, including condensate, was 5.219 MMT for FY24, a decrease of 3.3%.
- Natural Gas: The company produced 4.962 BCM of natural gas, a decrease of 3.8% from the previous fiscal year.
- Value-Added Products: Production of value-added products stood at 613 KT in FY24, decreasing by 4.5% from FY23.
Exploratory Performance
- Discoveries: ONGC declared 9 discoveries within its operated acreages during FY24.
- Monetized Discoveries: A total of 6 discoveries were monetized during FY24.
Awards and Recognitions
- First Oil from KG-DWN-98/2 Block: The significant commencement of "First Oil" from KG-DWN-98/2 Block was announced.
- Highest Gas Production: Mandapeta Field reached its highest-ever gas production.
- Digitalization Initiatives: Inauguration of the Corporate Visualization Center 'ONGC DARPAN' and implementation of B2B integration with NeSL for eBG.
- Green Energy Subsidiary: ONGC proposed to form a subsidiary company focused on green energy and gas business.
- Scope Eminence Awards: Received an award in the Environmental Excellence & Sustainable Development category.
- Asian Oil and Gas Award: ONGC won the 'Offshore Initiative of the Year-India' award.
- Greentech Environment Awards: IDT recognized for achievements in environmental management.
Other Highlights
- Green Energy Initiatives: ONGC progressed towards its Net-Zero ONGC-2038 vision by working on CCUS R&D with IIT-B.
- Block Awards: The company was awarded seven blocks, amounting to 30,341.72 Sq. Km. of area under OALP bid round-VIII.
- Innovative Technology: Developed 'SPRAS' for stimulation of Western Offshore Carbonate Reservoirs.
FAQ’s on Oil & Natural Gas Corpn Ltd Shares
