ONGC boosts performance with new-well gas and mature-field revival
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Oil and Natural Gas Corporation posted its highest-ever first-half profit, driven by new-well gas generating ₹7,050 crore.
- ✓The company reported a record net profit of ₹28,642 crore in H1 FY27.
- ✓ONGC also expanded its partnership with BP to boost production in Western Offshore fields and improve ageing infrastructure assets.
Story at a Glance
- Category
- Indian Markets
- Reported By
- FortuneIndia
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
New-well gas generates ₹7,050 crore; BP partnership expands across Western Offshore; new development projects target 22 MMTOE of hydrocarbon potential
India's largest oil and gas explorer, Oil and Natural Gas Corporation (ONGC), has posted its highest-ever first-half profit, driven largely by increased contribution from newly drilled gas wells, even as it continues to grapple with declining output from mature fields.
ONGC said its revenue from new-well gas stood at ₹7,050 crore in H1 FY27, accounting for more than 34% of ONGC's total revenue from its nomination gas portfolio. This marks a reversal of the trend in recent years, when production from ageing wells declined, and the company struggled to sustain output from new wells. ONGC reported a gross revenue of ₹4,03,251 crore in the first six months of FY27, up 25.6% from the previous financial year, while net profit reached a record ₹28,642 crore.
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FortuneIndia
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