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Revenue
₹1,68,968 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ONGC reported a 15.1% YoY decline in standalone PAT to INR 8,938 crore for Q1 FY25, driven by lower natural gas realization, higher exploration write-offs (up INR 627 crore), and increased depletion costs. Consolidated PAT fell 42.79% to INR 10,236 crore, impacted by HPCL and MRPL. Crude oil realization rose 10.4% to INR 6,928/bbl, but statutory levies surged 31% due to SAED. Management highlighted KG 98/2 ramp-up: oil production expected to reach 30,000 bpd by Q3 and 45,000 bpd peak, with gas at 6 MMSCMD by March 2025. Guidance includes 12% oil production growth over two years and 27% gas growth. Key risk: slower-than-expected ramp-up due to weather or operational delays.
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Guidance to track
- Management expects oil production from KG 98/2 to increase from current 12,000 bpd to 30,000 bpd by Q3 FY25, with peak of 45,000 bpd in subsequent quarters.
- Gas production from KG 98/2 is expected to reach 6 million standard cubic meters per day by end of March 2025.
- ONGC standalone oil production target for FY25 is 20.5 MMT, with JV contributing 1.71 MMT, totaling 22.3 MMT.
- ONGC standalone CapEx for FY25 is planned at around INR 32,000-33,000 crore, excluding green energy investments.
Risks flagged
- Management cited rough weather as a cause for slower production ramp-up; further delays could impact production targets.
- Analyst raised concern about windfall tax on KG Basin oil; management stated they do not anticipate it currently, but uncertainty remains.
- TotalEnergies' Mozambique LNG project faces delays due to elections; OVL's CapEx may increase once force majeure is lifted.
- OPaL reported PAT loss of INR 983 crore in Q1 FY25; restructuring awaits government clearance, posing downside risk.
Key quotes
- Crude production has already commenced from KG 98/2. Hopefully, we would be better placed with oil in Q3 and gas in the quarters thereafter.
- We are very confident that, yes, we will be able to ramp up the production that we have and achieve what we have mentioned during this year also.
- The decline in production from matured fields will be compensated in upcoming quarters with commencement of additional production from upcoming projects.
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