But OIL missed its own production targets although it delivered higher volumes and it disappointed the market in terms of Ebitda.
ONGC reported standalone Ebitda of ₹17,400 crore (up 7 per cent year-on-year or Y-o-Y) in Q4FY24, slightly below estimates due to other higher expenses. This was due to one-off charges of ₹900 crore for tax-related matters. The Q4FY24 PAT was 13 per cent higher, due to lower depreciation and less expense for dry well writeoffs. The management expects total production (excluding joint ventures) to rise to 47 million metric tonnes of oil equivalent (mmtoe) in the next three years from 39 mmtoe now, driven by KG-98/2 and Daman developments.
ONGC's oil production is projected to rise from 19.2 mmtoe in FY24 to 22 mmtoe in FY27. Gas production is projected to rise from 19.3 billion cubic meters (bcm) in FY24 to 25.5 bcm in FY27.
Gas production from the KG-98/2 asset, which will begin in Q3FY25, is expected to hit 10 mmscmd (million metric standard cubic meters per day) by FY25 end, while oil production could ramp up to 45,000 bpd (barrels per day) by Q4FY25.
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