ONGC Reports ₹8,240 Crs NP in Q3 FY-25, Declares ₹5 Interim Dividend
Jan 31st, 2025 10:14 pm | By ThenewsmanofIndia.com | Category: SPECIAL NEWS COVERAGE(THE NEWSMAN OF INDIA.COM) by Abul Hasan:
•ONGC Reports ₹8,240 Crore Net Profit in Q3 FY-25, Declares ₹5 Interim Dividend
•Oil & Gas Production Strengthens India’s Energy Security; ONGC Expands Strategic Initiatives
New Delhi, January 2025 – India’s energy Maharatna, Oil and Natural Gas Corporation Ltd. (ONGC), has announced an impressive net profit of ₹8,240 crore for the third quarter of FY 2024-25, reinforcing its position as a key driver of India’s energy security. To reward its shareholders, ONGC has also declared a second interim dividend of ₹5 per share, reflecting its strong financial performance and commitment to investor value.
Boost in Oil & Gas Production
ONGC has significantly ramped up its oil and gas production, marking a key milestone in India’s quest for energy self-sufficiency. Since the last press release on November 11, 2024, the company has successfully put two major oil discoveries—G-2-2 and Kanakdurga—from its KG-DWN-98/2 Cluster-II PML area (Deepwater) into production on December 26, 2024. This move underscores ONGC’s technological prowess in deepwater exploration and its commitment to enhancing domestic hydrocarbon output.
Strategic Developments and Expansion
ONGC has undertaken several strategic initiatives, further strengthening its foothold in the energy sector:
– Strengthening Subsidiary OPaL: ONGC has increased its stake in ONGC Petro Additions Ltd. (OPaL) from 49.36% to 95.69%, completing an **infusion of ₹18,365 crore on December 2, 2024. This move cements OPaL as a subsidiary of ONGC, ensuring greater control over petrochemical operations.
– Environmental Milestone at Madanam: ONGC has received Consent to Establish (CTE) from the Tamil Nadu Pollution Control Board (TNPCB) for the construction of a Central Processing Facility (CPF) at Madanam on November 5, 2024, with validity up to March 2029.
– Pioneering Green Energy Initiatives: ONGC signed a Memorandum of Understanding (MoU) with PowerGrid Corporation on December 12, 2024, to collaborate on green hydrogen and clean energy projects under the National Green Hydrogen Mission (NGHM), reinforcing India’s position as a global leader in renewable energy.
– Strategic Partnership with GAIL: ONGC and GAIL signed a term sheet on November 28, 2024, for the sale of New Well Gas (NWG) from ONGC’s nominated fields, paving the way for long-term growth and market expansion.
Awards & Recognitions: A Year of Excellence
ONGC’s outstanding performance has been recognized across multiple platforms in 2024, adding to its legacy of excellence:
– Company of the Year 2024 (Jury Award) in the Maharatnas & Navratnas category – Indian Chamber of Commerce (December 21, 2024).
– CEO/CMD of the Year 2024 (Platinum Award) conferred upon Arun Kumar Singh, ONGC Chairman & CEO – Indian Chamber of Commerce (December 21, 2024).
– Oil & Gas Exploration Company of the Year 2023 – Federation of Indian Petroleum Industry (November 26, 2024).
– India’s Top Value Creator Award 2024 for Oil & Gas Exploration – Dun & Bradstreet (November 29, 2024).
– Global Energy & Environment Foundation (GEEF) Award (Gold Category) – GEEF Global Sustainability Awards (November 8, 2024).
ONGC’s Road Ahead
With sustained production growth, strategic collaborations in green energy, and a strong financial performance, ONGC is well-positioned to play a pivotal role in India’s energy transition. The company’s continued investments in deepwater exploration, renewable energy, and strategic partnerships are set to bolster its leadership in the global energy landscape.
As ONGC accelerates its journey towards sustainable and self-reliant energy solutions, it remains committed to delivering value to stakeholders while driving India’s energy security and economic growth