ONGC's Q3 Net Profit Declines by 8%, Plans Growth Initiatives

ONGC's Q3 Net Profit Declines by 8%, Plans Growth Initiatives

By Aayush Khanna

In the latest financial report, Oil and Natural Gas Corporation (NS: ONGC ) witnessed a downturn in its consolidated net profit, dropping by around 8% to INR 10,748 crore in the December 2023 quarter of the fiscal year 2023-24. Despite this, the company declared a second interim dividend of INR 4.00 per share for eligible shareholders.

Total crude oil production for ONGC slipped by 3.3% in the third quarter compared to the previous year, amounting to 5.2 million metric tonnes (MMT). Similarly, the company's oil production in the first nine months of FY24 saw a decline of 2.9%.

ONGC attributed this decline to various factors including shutdowns in offshore platforms, cyclone Biparjoy, and natural decline from mature fields. To counter this, ONGC is actively implementing measures such as well interventions and advancing new well drilling activities. Additionally, the company anticipates a boost in oil production with the commencement of production from its block in the Krishna Godavari basin.

ONGC, representing a significant portion of India's oil and gas production, has allocated approximately INR 30,000 crore for annual expenditure to foster further growth initiatives.


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