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Revenue
₹1,59,331 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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Quarter read
What the record says.
ONGC reported a 17.1% YoY increase in standalone PAT to ₹11,984 crore for Q2 FY25, driven by lower statutory levies and stable production. Crude oil production grew 0.7% YoY to 4.576 MMT, reversing a declining trend, aided by the KG-DWN-98/2 field now producing 25,000+ bopd. Gas production decline slowed to 2.1% in Q2. The government's new well gas policy (12% of Indian crude basket) and OPaL investment (₹18,365 crore for 95.69% stake) are key strategic moves. Management guided for peak oil production of 45,000 bopd by FY25-end and gas ramp-up to 10 MMSCMD from KG field. Capex for FY26-27 is guided at ₹34,000-36,000 crore. Risk: OPaL turnaround remains uncertain with current losses of ₹637 crore in Q2.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed on track to reach 45,000 barrels of oil per day from the KG field by the end of the current financial year.
- Gas production from the East Coast is expected to reach 10 MMSCMD by the end of FY25 or early FY26.
- Capital expenditure is expected to remain in the range of ₹34,000-36,000 crore for the next two financial years.
- Management expects OPaL to improve significantly from next year due to lower interest costs and cheaper feedstock from new well gas allocation.
Risks flagged
- OPaL reported a PAT loss of ₹637 crore in Q2 FY25; management declined to provide near-term profitability guidance, citing dependence on product and feedstock prices.
- Sales revenue decreased 3.5% YoY in Q2 due to lower crude realizations (₹6,561/bbl vs ₹7,013/bbl). Further price declines could pressure earnings.
- OVL's Russian assets are underperforming due to the Ukraine conflict, and Venezuelan operations face sanctions and operational uncertainty.
- Despite new well gas, overall gas production declined 2.1% YoY in Q2; management expects a natural decline rate of 7.5% for nominated fields, which could offset gains.
Key quotes
- We are happy to mention that three oil wells of a field of deepwater block KG-DWN-98/2 have been opened on 30th October 2024, thereby enhancing the total oil production from the KG-DWN-98/2 field to 25,000 plus barrels of oil per day from eight flowing wells.
- The new gas is getting higher price. You see, from November 2024, previously it was 4 MMSCMD which was allocated. Currently, it is 4.68 MMSCMD.
- We are expecting that this gas production, what we have mentioned, would be around end of this year, financial year 25, and maybe it may spill over to the 25, 26. But it will be there towards the end of this financial year.
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