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ONGC Profits Plunge 17.8% as Oil Prices Dip
11 Nov
Summary
- ONGC's Q2 2025/2026 net profit down 17.8% year-over-year
- Crude realizations averaged $67.34/barrel, down from $78.33/barrel
- ONGC made two new oil and gas discoveries in April-September 2025
In the second quarter of its 2025/2026 fiscal year, India's state-owned Oil and Natural Gas Corporation Limited (ONGC) experienced a 17.8% decline in its net profit compared to the same period a year earlier. The company reported a standalone net profit of $1.11 billion (98.5 billion Indian rupees) for the July-September 2025 quarter, down from $1.35 billion (119.8 billion rupees) in the same quarter of the previous fiscal year.
The drop in ONGC's profitability was primarily attributed to lower crude oil prices, which dented the company's realizations. During the July-September 2025 quarter, ONGC's crude oil realizations averaged $67.34 per barrel, down from $78.33 per barrel in the same quarter of the previous year.
Despite the profit decline, ONGC remained committed to sustainable growth and energy security for India. Between April and September 2025, the company made two new oil and gas discoveries, Vajramani and MBS202HAA-1, and drilled eight exploratory wells across various basins.
ONGC, which produces around 70% of India's crude oil and 84% of its natural gas, has been witnessing a gradual decline in both oil and gas production due to natural depletion. The company aims to reverse this trend and boost domestic hydrocarbon production to reduce India's heavy reliance on imports, which currently account for 85% of the country's total oil and gas demand.
