State-owned Oil and Pure Gasoline Company (ONGC) on Friday reported a 16.7 per cent drop in its third-quarter web revenue because it realised decrease charges for crude oil it produces. Standalone web revenue was at ₹8,240 crore in October-December 2024 – the third quarter of April 2024 to March 2025 monetary yr – in contrast with ₹9,892 crore in the identical interval a yr again, in line with an organization assertion.
The agency realised USD 72.57 per barrel for crude oil from under floor and seabed it produced and offered to refiners for turning into fuels like petrol and diesel. This in contrast with a realisation of USD 81.13 per barrel in October-December 2023.
Costs of pure fuel, which is used to generate electrical energy, make fertiliser and changed into CNG on the market to cars and piped to family kitchens for cooking, remained unchanged at USD 6.50 per million British thermal unit. Gross income fell 3.1 per cent to ₹33,771 crore on decrease oil costs.
“With a spotlight to reinforce operational effectivity, ONGC has been in a position to preserve the growing pattern in crude oil manufacturing for 2 consecutive quarters. The standalone crude oil manufacturing (excluding condensate) throughout Q3 FY 25 was 4.653 million tonnes, registering a development of two.2 per cent over corresponding quarter of FY 24 (April 2023 to March 2024),” ONGC mentioned.
Equally, the standalone crude oil manufacturing in the course of the first 9 months of the present fiscal yr was 13.858 million tonnes, a rise of 1.2 per cent over the year-ago interval. “In December 2024, the expansion in standalone crude oil manufacturing was 5.4 per cent over December 2023,” it mentioned.
Additionally, ONGC has been in a position to reverse the decline and enhance fuel manufacturing as effectively. “The standalone pure fuel manufacturing throughout Q3 FY 25 was 4.978 billion cubic meters registering a development of 0.3 per cent over Q3 FY 24,” it mentioned. “Specifically for the month of December 2024, the fuel manufacturing was up by 0.9 per cent over December 2023.”
ONGC mentioned its KG basin block KG-DWN-98/2 was flowing about 35,000 barrels per day of oil after commissioning of the 5 oil wells of P-field within the deepwater block. With this, 13 wells at the moment are flowing oil.
The corporate board permitted a second interim dividend of 100 per cent – ₹5 on every fairness share of ₹5. The entire payout on this account will probably be ₹6,290 crore. That is along with the primary interim dividend of ₹6 declared earlier in November.
ONGC mentioned it has made a complete of seven oil and fuel discoveries (4 in onland and three in offshore) in the course of the present FY 2024-25 thus far in its operated acreages. Out of those, 5 are prospects (3 onland and a couple of Offshore) and a couple of (1 in onland and 1 in offshore) are new swimming pools.
