Ongc Management Guidance Tracker

36 forward-looking guidance items tracked across 9 quarters.

Growth

Q2 FY24Production growth of ~1% in FY24 and 4-5% in FY25Tracked

ONGC standalone production expected to be flat to slightly up in FY24, with 4-5% growth in FY25 driven by KG 98/2 ramp-up.

Q3 FY24Production growth of ~15% over next 3 yearsTracked

Management expects total oil and gas production to increase by ~15% by FY26-27, driven by KG 98/2, Daman Upside, and other projects.

Q4 FY24KG-98/2 ramp-up: oil to 45,000 bopd, gas to 10 MMSCMD by Q4 FY25Tracked

Oil production to increase from 12,000 bopd to 20,000-30,000 bopd in Q3 FY25 and 45,000 bopd in Q4 FY25. Gas to reach 10 MMSCMD by Q4 FY25.

Q4 FY24Production target of 47 MMtoe by FY27Tracked

Overall production to increase 20% to 47 MMtoe by FY27, with oil at 21.87 MMtoe and gas at 25.5 BCF.

Q1 FY25KG 98/2 oil production to reach 30,000 bpd by Q3 FY25Active

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.

Q1 FY25KG 98/2 gas production to reach 6 MMSCMD by March 2025Tracked

Gas production from KG 98/2 is expected to reach 6 million standard cubic meters per day by end of March 2025.

Q1 FY25Standalone oil production target of 20.5 MMT for FY25Tracked

ONGC standalone oil production target for FY25 is 20.5 MMT, with JV contributing 1.71 MMT, totaling 22.3 MMT.

Q2 FY25Peak oil production of 45,000 bopd from KG-DWN-98/2 by FY25-endActive

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.

Q2 FY25Gas ramp-up to 10 MMSCMD from KG field by FY25-end or early FY26Active

Gas production from the East Coast is expected to reach 10 MMSCMD by the end of FY25 or early FY26.

Q4 FY25Standalone crude oil production target of ~21.5 MMT for FY26Tracked

Management expects crude production to rise to 21.5 million metric tons in FY26, driven by TSP initiatives and new wells.

Q4 FY25Standalone gas production target of ~21 BCM for FY26Tracked

Gas production expected to reach 21 BCM in FY26, with 5 MSCMD incremental from DUDP by Q4 FY26.

Q1 FY26KG Basin ramp-up to 45,000 bbl/d oil and 6-7 mmscmd gas by Q4 FY26Tracked

KG Basin oil production to increase from 30,000 bbl/d to 45,000 bbl/d and gas from 3 mmscmd to 6-7 mmscmd by Q4 FY26, after living quarter installation in Nov-Dec 2025.

Q1 FY26FY26 standalone production guidance: 20.928 MMT crude oil, 20.110 BCM gasTracked

Management guided standalone crude oil production of 20.928 MMT and gas production of 20.110 BCM for FY26.

Q1 FY26FY27 standalone production guidance: 21 MMT crude oil, 21.487 BCM gasTracked

Management guided standalone crude oil production of 21 MMT and gas production of 21.487 BCM for FY27.

Q1 FY26New Well Gas volume to reach 4.8+ BCM in FY27 (24-25% of total gas)Tracked

New Well Gas volume expected to increase from 2.6 BCM in FY26 to 4.8+ BCM in FY27, representing 24-25% of total gas production.

Q2 FY26FY27 standalone oil production target of 21 MMTTracked

Management guided FY27 standalone crude oil production at 21 MMT, up from expected 19.8 MMT in FY26.

Q2 FY26FY27 standalone gas production target of 21.5 BCMTracked

Management guided FY27 standalone gas production at 21.5 BCM, up from expected 20 BCM in FY26.

Q2 FY26KG 98/2 gas ramp-up to 10 MMSCMD by mid-2026Tracked

Gas production from KG 98/2 is expected to ramp up to 10 MMSCMD by June-July 2026 after living quarters installation.

Q3 FY26FY27 production target of 42.5 million tonnes (oil & gas equivalent)Tracked

Management guided for standalone production of 42.5 million tonnes in FY27, comprising ~21 million tonnes of oil and ~21.5 million tonnes of gas equivalent.

Q3 FY26New Well Gas share to increase to 24% in FY27Tracked

Management expects the share of New Well Gas in total gas production to rise from 18% to 24% in FY27.

Capex

Q2 FY24Capex of INR 33,000-35,000 crore for FY24Tracked

Management guided for a 10% increase in capex to INR 33,000-35,000 crore for the current fiscal year.

Q3 FY24Standalone CapEx of INR 33,000-35,000 crore in FY25Tracked

CFO guided standalone CapEx of INR 33,000 crore in FY24 and INR 33,000-35,000 crore in FY25, with ~60% on development projects.

Q4 FY24CapEx guidance of ₹33,000-35,000 crore for FY25Tracked

Capital expenditure for FY25 expected in the range of ₹33,000-35,000 crore, excluding OPaL infusion.

Q1 FY25CapEx guidance of INR 32,000-33,000 crore for FY25 standaloneTracked

ONGC standalone CapEx for FY25 is planned at around INR 32,000-33,000 crore, excluding green energy investments.

Q2 FY25Capex guidance of ₹34,000-36,000 crore for FY26 and FY27Tracked

Capital expenditure is expected to remain in the range of ₹34,000-36,000 crore for the next two financial years.

Q4 FY25CapEx guidance of INR 30,000-35,000 crore for FY26Tracked

Total CapEx including E&P and renewables expected to be INR 30,000-35,000 crore, lower than FY25 due to falling service costs.

Q3 FY26CapEx guidance of INR 32,000-33,000 crore for FY27Tracked

ONGC plans to maintain CapEx in the range of INR 32,000-33,000 crore for FY27, focused on exploration and production.

Other

Q2 FY24OPaL turnaround by FY25Tracked

OPaL is expected to become profitable by FY25 after equity infusion of INR 18,365 crore and use of new gas for feedstock.

Q3 FY24Dividend payout of ~40%Active

Management indicated continued dividend payout of around 40%, with INR 9.75 per share already paid in 9M FY24.

Q4 FY24OPaL restructuring expected to improve profitability in 1-2 yearsTracked

Management expects OPaL to turn around in 1-2 years after equity infusion, feedstock resolution, and SEZ exit.

Q2 FY25OPaL turnaround expected from FY26 onwardsTracked

Management expects OPaL to improve significantly from next year due to lower interest costs and cheaper feedstock from new well gas allocation.

Expansion

Q2 FY24Renewable energy target of 10 GW by 2030Tracked

ONGC aims to build a renewable energy portfolio of 10 GW by 2030, with initial acquisition of PTC Energy (288 MW) expected by end of FY24.

Revenue

Q3 FY24Gas price realization of $9-$10/MMBTU for incremental productionTracked

Incremental gas from new wells will fetch $9-$10/MMBTU under the premium pricing mechanism, improving realizations.

Q4 FY25New well gas to add INR 1,500-2,000 crore revenue in FY26Tracked

Revenue from new well gas pricing expected to double from INR 700 crore in FY25 to INR 1,500-2,000 crore in FY26.

Margins

Q2 FY26OpEx cost reduction target of INR 5,000 croreTracked

Management targets reducing operating expenses by INR 5,000 crore through logistics optimization, dual-fuel rigs, and renewable power.

Q3 FY26Cost reduction target of INR 1,000 croreTracked

Through various efficiency measures, ONGC targets reducing costs by INR 1,000 crore in FY27.