ONGC Profit Jumps Over Two-Fold Amid Rising Crude Prices

State-owned Oil and Natural Gas Corporation (ONGC) has reported a significant increase in its profits for the first quarter of the 2026-27 financial year. The company's net profit rose to Rs 17,034 crore, more than double the Rs 8,024 crore recorded in the same period last year.

The jump was driven by higher crude oil prices and improved realisations, with net crude oil realisation from nominated fields increasing to $99.45 per barrel during the quarter. This is up from $66.13 per barrel in the corresponding period last year.

Total income rose to Rs 48,321.65 crore, while profit before tax climbed to a record quarterly high of Rs 22,848 crore. Revenue from new well gas also made a significant contribution to the company's performance, accounting for around 38% of revenue from ONGC's nomination gas portfolio.

However, production of crude oil and natural gas remained broadly steady during the quarter, with both recording marginal declines compared with a year ago. The company attributed this to reservoir complexities in the KG-98/2 block, adverse weather conditions in the western offshore region, delays in pipeline replacement projects, and temporary shutdowns associated with the commissioning of major projects.