Oil and Natural · forward-looking guidance across the available source record.
Guidance tracker
Standalone oil and gas production expected to reach 39 MMT in FY27 with ~1 MM OE incremental production, rising to 40 MMT in FY28 driven by DUDP, CPP commissioning (1.3 Mmscmd by Q3), and TSP phases.
Current 1.5 Mmscmd production to reach 3 Mmscmd by Q4 FY27 with commissioning of 3 additional gas wells post-CPP start-up in October-November 2026. Further ramp-up to 6-7 Mmscmd targeted by Q4 FY28.
Capex guidance unchanged at $3.5-4 billion annually, with exploration capex upside expected from the Samudra Mangalan government-funded deep water exploration program.
Lower Q1 survey expenditure due to contract retendering (tender rates unworkable). Major survey contracts now awarded; significant activity expected from October onward, both for Samudra Mangalan and general exploration.
Target of 21 million metric tons for FY27, up from expected ~20 MMT in FY26, driven by TSP-led interventions at Mumbai High and well interventions at KG.
Target of 21.5 BCM for FY27, with Dhan Upside project adding 5 mmscmd in current year and DSF2 adding 4 mmscmd next year.
Company targeting ₹5,000 crore OPEX reduction through Pipawa port logistics (reducing vessel runs), Surat helicopter operations, diesel optimization, dual-fuel rig conversion, and renewable power plants (18 months to 2 years).
BP as Technical Service Provider committed to 60% cumulative oil and gas production increase from Mumbai High field over 10-year period, with fixed fee ending January 2027 and full plan by December 2025.
Management targets 42.5 million metric tonnes of oil and gas equivalent for FY27, with oil at ~21 MMT and gas at ~21.5 MMT.
Capex for FY27 is expected to remain in the range of ₹32,000-33,000 crore, primarily for exploration and production.
Management targets an additional ₹1,000 crore in cost savings through inventory rationalization, logistics optimization, and renewable energy integration.
The share of new well gas in total gas production is expected to rise from 18% to around 24% by FY27, driven by incremental output from nomination fields.
Exploration & Production capex expected at ₹33,000 crore for FY27, with additional ₹10-11,000 crore for non-E&P activities. Western offshore will receive 70% of capex.
Annual gas production growth of 7-8% expected from new projects including DUDP (FY26), KG 98/2 gas (July-August 2026), and DSF (FY28 adding 4-5 MMSCMD at free pricing).
Oil production from KG 98/2 expected to recover to original levels within approximately one year after implementing identified geological solutions.
With BP now managing 100% of western offshore under TSP2, ONGC commits to arresting decline and achieving growth starting FY28-29.