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Oil and Natural Gas Corporation (ONGC) reported a 57.3 per cent year-on-year rise in standalone net profit to Rs 15,489 crore in the second quarter of FY27, supported by higher crude oil realisations, while awarding offshore development projects worth Rs 11,800 crore to strengthen future production.
The company's standalone gross revenue increased 32.8 per cent to Rs 43,875 crore during the July-September quarter, compared with Rs 33,030 crore in the corresponding period last year. Crude oil realisation from nominated fields rose 37.1 per cent to USD 92.33 per barrel in Q2 FY27, against USD 67.34 per barrel a year earlier. Realisation from joint venture fields increased 41.9 per cent to USD 97.02 per barrel. For the first half of FY27, ONGC recorded its highest-ever standalone net profit of Rs 32,522 crore, an increase of 82 per cent from Rs 17,872 crore in the year-ago period. Standalone gross revenue during the six-month period rose 38.9 per cent to Rs 90,336 crore. On a consolidated basis, net profit increased 46.9 per cent to Rs 18,535 crore in the second quarter, while gross revenue rose 25.6 per cent to Rs 1.98 lakh crore. The board also approved an interim dividend of 160 per cent, translating into Rs 8 per equity share of Rs 5 each. The total payout will amount to Rs 10,064 crore, the highest dividend paid by the company in a single instalment. The record date for the dividend has been fixed as November 12. On the operational front, standalone crude oil production declined to 4.437 million tonnes in Q2 FY27 from 4.630 million tonnes a year earlier, while natural gas production fell to 4.839 billion cubic metres from 4.918 billion cubic metres. ONGC attributed the production moderation to reservoir-related complexities in its KG-98/2 asset, monsoon-related operational challenges and delays in pipeline replacement projects. To support future output, the company awarded two Western Offshore development projects involving an investment of around Rs 11,800 crore, expected to unlock an estimated 22 million tonnes of oil equivalent in hydrocarbon potential. It also awarded the Pipeline Replacement Project-X at a cost of over Rs 4,300 crore. During the quarter, ONGC additionally notified two onshore hydrocarbon discoveries, Amraghat-1 in Assam and Vadatal-48 in the Cambay basin. (ANI)
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