ONGC commences production from fifth oil well in deepwater block in Krishna Godavari, stock up 2%

The company said it has begun transporting and sale of associated gas, leveraging the floating production, storage, and offloading (FPSO) vessel. With this, ONGC has commissioned its gas export line from offshore to onshore terminal.

The firm said that earlier in January, oil production commenced from the same asset, with four of 13 wells already flowing. “Gas production is also advancing, with three of seven wells online,” it said in an exchange filing.

Earlier this month, the ONGC board approved another project integrated development of four contract areas under DSF-II at a project cost of approximately ₹6,000 crore with a peak production of around 4 million metric standard cubic metres per day (MMSCMD) of gas where the government of India has already allowed pricing and marketing freedom under the discovered small fields (DSF) policy.

Meanwhile, ONGC reported a 1.7% year-on-year (YoY) rise in its first-quarter gross revenue at ₹1.66 lakh crore. Net profit declined 42.8% YoY to ₹10,236 crore. ONGC said it has made a total of five discoveries in the fiscal year 2025, so far.

ONGC also signed a memorandum of understanding (MoU) with Ever Enviro Resource Management for compressed biogas plants. The proposed joint venture will have 50 % equity shareholding each by ONGC’s newly formed subsidiary ONGC Green (OGL) and Ever Enviro.

ONGC also signed an MoU with IOC to establish a small-scale liquefied natural gas (LNG) plant by IOC near Hatta Gas Field of Vindhyan Basin. ONGC said the collaboration aims at harnessing the power of LNG to drive sustainable growth and energy security.

At the same time, an all-time high oil production of 700 TPD was achieved at Jorhat Asset, the firm stated.

Shares of the company have risen nearly 59% since the beginning of the year. The stock has gained over 86% in the last one year.