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ONGC net profit jumps 19 times in Q4; record profit in FY24

21May

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ONGC net profit jumps 19 times in Q4; record profit in FY24

New Delhi, May 21, 2024. State-owned Oil and Natural Gas Corporation's (ONGC) March quarter net profit soared 19 times as the year-ago period had a one-time exceptional provision, while it posted a record earning for the full fiscal. The company's standalone net profit of Rs 9,869 crore in January-March - the fourth quarter of fiscal year 2023-24 - compared with a profit of Rs 528 crore in the same period of the previous financial year, according to a company statement. India's top oil and gas producer had made a provision of Rs 9,235 crore in the January-March 2023 quarter towards disputed taxes for the period from April 1, 2016, to March 31, 2022.

ONGC starts oil production from delayed USD 5 billion deep-water project

New Delhi, January 08, 2024. State-controlled Oil and Natural Gas Corporation (ONGC) has started oil production from its much-delayed flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, helping reverse years of decline in output, the company said. ONGC has started producing from the Cluster-2 project in KG-DWN-98/2 block and will slowly ramp up output. Oil Minister Hardeep Singh Puri said "first oil production commences from complex and difficult" block.

ONGC to start commercial oil production from KG block in May 2024

New Delhi, December 04, 2023. ONGC will in May next year start commercial production of crude oil from its much-delayed flagship deepsea project in Krishna Godavari basin. ONGC's KG basin project, KG-DWN-98/2, is in "challenging geology". Delays have occurred due to multiple challenges and issues in actual project implementation such as subsurface geological issues, shifting of well locations and surface facilities/processing platform, delays and disruption in project supply chain for vendors spread across multiple countries due to Covid-19 pandemic and challenging weather conditions.