The company’s consolidated revenue from operations also recorded a strong growth of 25.6 per cent, climbing to Rs 1,98,263 crore in Q2FY27 from Rs 1,57,914 crore a year earlier.
Rewarding shareholders amid its improved financial performance, ONGC’s board approved an interim dividend of Rs 8 per equity share of face value Rs 5, representing a payout of 160 per cent. The aggregate dividend outgo is estimated at Rs 10,064 crore, the highest amount distributed by the company in a single instalment.
The company has fixed November 12, 2026, as the record date for determining shareholders eligible to receive the interim dividend, according to its regulatory filing.
Rs 16,100 crore investment to strengthen offshore operations
Alongside its financial results, ONGC announced a series of significant offshore development and infrastructure contracts involving a cumulative investment of more than Rs 16,100 crore, aimed at expanding production capabilities and enhancing operational efficiency in its Western Offshore assets.
The company has awarded two key offshore development projects — MBOSN-2005-1, SD-4 and BS-17, along with the additional development of Ratna-1 and NLM-14. Together, these projects entail a capital investment of approximately Rs 11,800 crore.
The developments are expected to unlock around 22 million tonnes of oil equivalent (MMTOE) in hydrocarbon potential, providing a boost to the company’s future production prospects in the Western Offshore region.
In a separate infrastructure push, ONGC has also awarded the Pipeline Replacement Project-X (PRP-X), valued at more than Rs 4,300 crore.
The project will involve the installation of new subsea pipelines and replacement of ageing pipeline networks in the Western Offshore, with the objective of improving asset integrity, reducing operational risks and ensuring uninterrupted production over the long term.
Deepwater exploration yields gas-bearing well
ONGC has also achieved a notable milestone in its deepwater exploration programme under the National Offshore Exploration Scheme.
The company’s first exploratory well, MNDWO181HDB-1, drilled in the Mahanadi deepwater region under OALP Block MN-DWHP-2018/1, has encountered gas-bearing prospects.
The development marks an important outcome of ONGC’s efforts to expand its exploration footprint into deepwater areas and strengthen its long-term domestic hydrocarbon resource base.
Two new hydrocarbon discoveries reported onshore
During Q2FY27, ONGC notified two additional onshore hydrocarbon discoveries, comprising a new prospect discovery at Amraghat-1 and a new pool discovery at Vadatal-48.
The Amraghat-1 exploratory well was drilled in the Cachar District Petroleum Mining Lease (PML) in Assam’s Assam-Arakan Fold Belt, targeting the Upper and Middle Bhuban Formations. Following successful gas flow from the well, the company classified the find as a new prospect discovery.
The second discovery, Vadatal-48, was made in the Vadatal Extension-I PML, located within the NELP-VI Block CBONN-2004/2 in the Cambay Basin.
Although the well was originally drilled to target oil in the Chhatral Pay, it encountered an additional sand formation beneath the existing producing interval. The find has subsequently been notified as a new pool discovery in the Chhatral Lower Pay.
The discovery could expand the exploration potential of the Cambay Basin, particularly across its deeper geological formations, opening up avenues for further appraisal and development.
Focus on production growth and asset sustainability
The latest announcements underline ONGC’s broader strategy of combining exploration-led resource expansion with investments in production infrastructure and operational modernisation.
With substantial capital commitments towards offshore field development, subsea pipeline replacement and deepwater exploration, the company is seeking to strengthen its domestic hydrocarbon portfolio while extending the productive life of existing assets.
The latest discoveries, coupled with the planned offshore developments, are expected to support ONGC’s longer-term production ambitions and reinforce its role in India’s efforts to strengthen domestic energy security.
