ONGC strikes gas at deepwater well in Mahanadi offshore Basin; what investors need to know

According to a regulatory filing post-market hours on Monday, the deepwater well MN-DW18-1-H-D, drilled to a target depth (TD) of 1,623 metres, recorded the gas strike at the 1,441–1,452 metre interval.

The well, located approximately 43 kilometres (km) off Konark, is the first one in the Mahanadi Basin under the campaign.

Its relative proximity to the coast offers potential for early monetisation, subject to further appraisal and commercial evaluation, ONGC further stated.

The company said that it struck gas on Friday, September 18, adding that the well has had an encouraging gas flow and reservoir pressure for the past three days.

The well was spudded on July 25, 2026, by the Minister of Petroleum & Natural Gas Hardeep Singh Puri.

ONGC Q1 results

The company saw its consolidated net profit jump 21.37% year-on-year (YoY) to ₹11,898.93 crore in the April-June quarter of the 2026-27 financial year (Q1 FY27), compared with ₹9,804.07 crore in the same period last year.

Its consolidated revenue from operations stood at ₹2.05 lakh crore during the quarter under review, reflecting a 25.68% YoY increase from ₹1.63 lakh crore in the first quarter of the 2025-26 fiscal year (Q1 FY26).

ONGC stock performance

Shares of ONGC closed 1.22% higher at ₹235.63 per unit on the National Stock Exchange (NSE) on Monday, September 21. However, the development was announced after the market closed.

The scrip has jumped more than 1% over the week but lost 1% on a year-to-date (YTD) basis. While the stock hit a 52-week high of ₹307.50 per equity share on April 29, 2026, it touched a year’s low of ₹227.65 apiece on June 30, 2026.

Oil & Natural Gas Corporation has a total market capitalisation of ₹2.96 lakh crore as of September 21, 2026, according to data on the NSE.