Good morning. Good morning, ladies and gentlemen.

I am Vivek Tongaonkar, Director Finance, ONGC. I welcome you all to this ONGC earnings call for Q3 Financial Year '26.

Thank you for joining us. I am accompanied today by my colleagues from ONGC, Mr.

Satish Kumar Dwivedi, he's Chief of Joint Venture and Business Development; Mr. Ajay Kumar Singh, he is our President Planning and Transformation; Mr.

Prakash Joshi from Investor Relations cell; and Mr. Shekhar Mohanty from our corporate accounts.

We also have our colleagues from ONGC Videsh Limited, Mr. Mr.

Bhishmadev Mandal and Mr. Basant Pasari.

ONGC has compiled its financial results for the quarter and nine months ended 31st December, 2025. The results were released on the 12th of February, 2026 through a press note and shared with the stock exchanges and analysts.

I'll now present the highlights of our performance. ONGC's standalone crude oil production continues to show growth momentum.

During Q3 Financial Year '26, production stood at 4.592 million metric tonnes, while the cumulative output for nine months Financial Year '26 reached 13.907 million metric tonnes. This reflects a modest increase of 0.35% over the nine months Financial Year '25.

Standalone natural gas production in Q3 Financial Year '26 registered an upward trend on year-on-year basis. This highlights ONGC's operational resilience.

This improvement comes alongside the company's [success in?] arresting the earlier trend of degrowth, with cumulative output for nine months Financial Year '26 remaining steady, thereby reinforcing stability in the gas portfolio.

During this nine-month period of Financial Year '26, revenue from new well gas crossed 5,000 crore rupees. This delivered an additional 944 crores compared to the APM gas price, reflecting the premium eligibility of new well gas.

Notably, now the new well gas contributes over 18% of ONGC's total gas sales revenue, underscoring its growing significance in the company's portfolio. ONGC is actively working towards boosting the performance from new gas wells.

ONGC board has declared a second interim dividend of 125%, amounting to 6. ₹6.25 per equity share of ₹5 face value.

This translates into a payout of 7,863 crore rupees on top of the first interim dividend of ₹6 per share, that is 120%, announced in November 2025. With these two payouts, ONGC has achieved a historic milestone.

This is its highest ever cumulative interim dividend of 15,411 crore in a single financial year, underscoring our commitment to shareholder value. With regard to KG-98/2, as you are aware, so far, all the 26 wells have been drilled.

I am happy to share that as per the latest update, SURF, that is subsea umbilicals, risers, and flow lines, and the subsea production system, SPS, these works are nearing completion. The central processing platform together with the bridge-connected living quarters and utility platform have been fully installed.

In January 2026, the main support frame, the living quarter module, was successfully pinned down on the LQUP jacket, followed by the installation of the living quarter unit, helideck, and associated structures in February 2026. This series of completions represents a decisive push to a forward, reinforcing our confidence in unlocking the full potential of this strategic asset.

Coming to Mumbai High field, TSP-1 is already showing encouraging production gains. Additionally, Daman upside project, Daman upside development project in Western Offshore is also on track to be monetized soon, with a peak gas output expected at 4 to 5 MMSCMD.

ONGC also has a robust pipeline of over 20 major development, redevelopment, and infrastructure revamp projects under execution, with a total combined capex of about 77,000 crores. These projects are designed to augment production, sharpen operational efficiency, which will ensure sustained growth.

Importantly, four key infrastructure and revamp projects are slated for near-term completion. Recognizing the volatility in crude global crude prices and the need to sustain profitability in a competitive environment, ONGC has already adopted a structured enterprise-wide approach to efficiency and value creation.

A dedicated cost council has identified multiple areas where structural improvements can deliver long-term benefits. Key focus areas where progress is there include inventory rationalization, fuel efficiency, logistics optimization, manpower restructuring, and integration of renewable energy into operations.

We now come to financials. At the consolidated level, net profit grew by 23% both on a quarterly and nine-month basis.

It was 11,946 crores in Q3 Financial Year '26, up from group 9,747 crore rupees in Q3 Financial Year '25. For the nine months Financial Year '26, the figure was 36,115 crore rupees, compared to 29,364 crore rupees for the previous year's nine months.

This increase in profit can mainly be attributed to our subsidiaries, HPCL and MRPL. Net profit for Q3 Financial Year '26 was 8,372 crores, up 1.6% compared to 8,240 crore in Q3 Financial Year '25.

For the nine months Financial Year '26, standalone net profit was at 26,244 crores against 29,162 crores in the previous in the same period previous year. The increase in net profit during Q3 Financial Year '26 is on account of contribution from gas revenue, higher other income, and lower statutory levies.

One point to note is that in spite of the decline in crude oil prices, ONGC's net profit at both standalone and consol level has been upwards. Sales revenue in Q3 FY '26 declined primarily due to 2,145 crore rupees drop in crude oil revenue and a 710 crore reduction in value-added products, which was partly offset by increase of 505 crores in natural gas revenue compared to the same quarter last year.

Crude oil prices have declined to US$61.63 per barrel in Q3 Financial Year '26 from US$72.57 per barrel in Q3 Financial Year '25, which adversely impacted our revenues. Crude oil and value-added products declined due to lower price realization, which was offset by increase in natural gas quantity and price, resulting in a net decrease.

The rise in gas revenue was driven by incremental revenue of ₹294 crores from new well gas sales during the Q3 Financial Year '26 and incremental revenue of 944 crores for the nine-month period. During Q3 Financial Year '26, statutory levies stood at 5,975 crore, down from 6,630 crores in Financial in Q3 Financial Year '25, which was a reduction of 650 crore ₹55 crore, that is 9.9%.

This decline is primarily attributable to lower law royalty and cess, driven by the decline in average crude oil price. Operating expenditure in the third quarter of Financial Year '26 stood at 7,151 crore, compared to 6,560 crore rupees in the same quarter last year, which was an increase of 9%.

This rise is primarily attributable to our Dahej plant, where LNG consumption grew significantly from 7.68 million metric MMBTU in Q3 Financial Year '25 to 11.36 31 MMBTU million MMBTU in Q3 Financial Year '26. Also, there has been an increase in GST on oil services from 12% to 18%, and we have worked diligently to keep our operational costs flat through disciplined cost management, even in this challenging fiscal environment.

There is a decrease of 168 crore, that is 2.5% in DD&A cost, which was 6,778 crores in Q3 Financial Year '25 to 6,610 crore in Financial Year Q3 Financial Year '26. This is mainly on account of impairment reversal of 224 crores during the quarter, compared to a small impairment loss of 4 crores in Q3 '25.

With this strong operational execution, strategic project progress, and resilient financial performance, ONGC continues to reinforce its contribution India's energy sector by working towards production growth. With this, I conclude my briefing on the third quarter results for Financial Year 25-26.

We are now happy to take questions and answer them. Thank you.

Very good morning, sir. Thank you for the opportunity.

I hope I'm audible.

Yes, yes.

Sir, a couple of questions. First through on the KG-98/2, thank you for updating us on the progress of the associated infrastructure.

Just wanted to understand now how are we looking at FY '27 in terms of gas production ramp up? Can you share some numbers of where we expect production to be maybe at the exit of FY '27 or over the year, what kind of average output we expect now?

That was my first question.

Your question is for KG-98/2 only?

Yes, sir.

Specifically

on

98/2. Yeah.

For KG-98/2, as I have mentioned, we have already installed all the outstanding modules that were pending and which had held up the production of gas till now. Installation of those modules has completed.

Currently we are in the process of taking them up and the commissioning, etc. would take place.

Subsequent to that, the wells would be hooked up to these platforms and they would start to flow. We expect that the gas flow from these wells should start from the next quarter, which is from April to June onwards.

The gas would be ramped up. Coming towards the end of Financial Year '27, we would expect that this gas quantum should increase to 5 to 6 MMSCMD.

Got it. Sir, the peak guidance continues to remain at around 7

to

8 and will happen sometime in FY

'28? Yes, it continues to remain in that range.

Oil production, sir, is already at around the level that we spoke, it is at around 25,000 to 30,000, sir, as of now?

It is around those levels. Once all these works are completed, we do expect that the oil production also should stabilize and we should have certain additional production coming up.

The peak there was guided to around 40,000 barrels, sir. Is that correct?

Yeah, 35 to 40 we had 35 to 40 we had mentioned.

Okay. All right, sir.

The second question was with respect to, sir, OPaL. Can you just share some numbers in terms of how OPaL's performance has been in this quarter and any guidance you can share for FY

'27? For OPaL, it has now stabilized.

Operations are going on well. They have been operating at more than 90% of their capacity.

The average capacity utilization in Q3 was

Nine months.

For nine months was 92%.

Okay.

Revenue from operations was 11,000 plus crores.

Any EBITDA numbers that can be shared?

EBITDA was

Nine months. Q3.

353 for the nine-month period.

The 11,000 crore was also for the nine-month period, right?

Yeah. Yes.

Right.

This is for nine

Just a

No, Probal, just one correction. 11,000 was for previous year.

For this year, it was 9,790.

9,790 crore was the revenue and 350 crore odd was the EBITDA for the nine-month period, right, sir?

Yeah. Yes.

Yes, correct.

Right. Just wanted a small follow-up here.

After all the cleanup that has happened in terms of the debt and conversion to equity, what is the net debt now that is still sitting on OPaL's books as of now?

It is around 23, 24,000 crore

rupees. Is there any other measures that we're looking to do, sir, or now we expect that the profitability is good enough to service the interest costs, which again, probably, would still be a few, around a 1,000, 1,200 odd crore on the books?

As far as the profitability is concerned, we do expect that the profitability should increase because the capacity utilization should also move up from now onwards. Now that everything has been stabilized, even the petrochemical prices have started to move up, and therefore in the future for '27, we expect that the performance should be much should be more positive than this previous year than this current year.

We don't expect to have to infuse any more capital into this as of now, sir, in the near term?

No, no, no. We are not expecting anything on that front.

One last housekeeping question, sir. Any capex guidance and production guidance for FY '27 overall that you can share?

Broadly, ONGC will continue to have that capex of 32 to 33,000. Focus would remain on exploration as such.

Exploration, production as such. For production also, we'll just give you those figures.

Sure.

Production figure for this year. Production for this year.

Next year.

Next year, we will be producing or we're targeting to produce total oil and gas is 42.5 million tonne.

Sorry, sir. I could not get.

Is that 40 42.5 million tonne? 42.5 million tonne.

Oil and oil equivalently, including oil and gas put together, 42.5 million tonne.

For FY '27, this is standalone numbers, right, or including JV?

Standalone production.

Perfect. Thank you, sir, for the detailed answers.

I'll come back in the queue. All the

best. Thank you.

Thanks for the opportunity. Sir, if you can give some idea about the discoveries during the nine months and any reserve accretion which you can actually put a number to?

Reserve accretion figures, we'll be able to give on the yearly basis only. We normally do that on a yearly basis.

We have had discoveries during this nine-month period. If you want a total number of discoveries, we will give that separately.

Prakash would be able to give it to you separately. We have been reporting it on a Sure.

basis as such.

Fine, fine. Any update on the OVL, especially Venezuela, Sakhalin, and Mozambique?

On Mozambique, the force majeure has been lifted. Already work has started on ground over there.

The work has started full-fledged over there on ground, it is on track to start production from '28 onwards. LNG production from '28 onwards.

Venezuela, we are awaiting

Any idea about the capex, sir?

Capex is same. There is no further increase on the capex now.

Okay.

Venezuela? Sorry?

On Venezuela. On Venezuela, we understand that the US government is progressively lifting sanctions or is in the progress of liberalizing the trade from Venezuela and may be allow other companies also to start operations over there.

We are awaiting on those instructions as such. The movement is in the positive direction.

We are hopeful that we should be in a position to restart our operations once on ground and the US sanctions get lifted totally. Sakhalin, there is progress.

What is the

money due, sir, from there from Venezuela?

Money due to $500?

$550 million.

$550 million.

Sir.

Sakhalin? For Sakhalin, we continue to move ahead along with the Russian government also, and with the help of the Russian and the Indian government, we are moving ahead.

We have been advised that our share of equity has been secured in that company. Which is a very positive step as far as ONGC OVL are concerned.

We are hopeful that during this coming year, we should be in a position to have share of our held up dividends, etc. Operations continue

As far as the

Otherwise, the operations continue. Operations continue to happen over there in Sakhalin, production is happening over there.

That is not a issue for as far as the production part or operational part is concerned.

There will be no change in the shareholding part? What we are holding, will continue?

Yes. There is no change.

It would continue to be 20% or so. Sir.

One last thing about this production target, sir. If you guys can give us a breakup of oil and gas separately as well, and if possibly FY '28 as

well?

This

This oil we are planning to produce near about 21 million tonne and gas is 21.5 million tonne. This is a breakup between oil and gas, total put together 42.5 million tonne.

We plan to increase the production more than what we are planning for 26-27. We are positive on that, and we will be forecasting.

Fine, sir.

Thanks a lot.

Thank you for the call, sir. On the production side, can you just give a bit of a details around what's going on for the rest of the blocks apart from KG on production ramp, as well as I think we are still seeing a consistent challenges, especially on the JV side on gas from a production perspective as well.

What's going on there as well? If you can give us a bit of a idea of what are you expecting for this for fiscal '27 around production?

Yeah.

Production figures, he wants.

Morning, Mayank.

Just hold on.

Production. Other than KG.

Yeah. In MH field, already we have engaged the TSP, that is Technical Support Service Provider, BP, and they already started giving the advice, and we have planned a number of wells to be drilled as and has identified jointly by ONGC and BP, and we are seeing the positive output from that area.

That is giving stability to ONGC production. Similarly, for Neelam Heera and B&S asset, oil production are more or less steady is there, it is giving desired production what we envisage.

Similarly for onshore, Ankleshwar, Ahmedabad, and Mehsana asset, there we are drilling number of wells as targeted, and there also production is stabilized. As such, we are very confident of achieving the target set for this year, and as well as for next year, 26-27.

Mayank, additionally, as DUDP project, which is Daman upside project, is on track. We have already confident that in the next quarter, gas should start flowing from this

This quarter. Oh,

sorry, from March itself, this would start flowing. Gas would start flowing from that project.

DSF round project DSF project comes up for the next year last quarter, so that is also on track. These are the two projects which are going on well and would provide upside immediate upside apart from that KG basin new gas which is about to come up.

Thank you for that. I think that on BP technical support that you have got, can you give us a bit more details around how much have you been able to kind of arrest the decline?

What is going on there, and what are the positive outcomes that you have seen around that?

The decline has been we can say, if I will stick my neck out and say that it has been arrested because it is too early days, but yes, we have seen an uptick coming up. In the production that we are getting from MH field, where we have TSP or BP working with us, is higher than the it is about more than 100% that we had what we had envisaged.

That production uptick has started to happen, and we expect that this should improve over the coming quarters. BP's contribution has helped us increase oil and gas from both from the MH field.

It has been MH field has given us about

7%

nearly 7% higher, MH field only, I'm not talking about Western Offshore, 7% higher than what we were expecting in this Q3 quarter than what we were expecting earlier on. It has been a positive play as far as we are concerned.

Is it fair to say that MH field, where you had 8% to 10% decline rate, is now only 2% 3%? Is that the right way of thinking?

It is becoming positive.

Okay.

By the quarter end, I would be in a better position to give you the figures percentage-wise and all that, but it is already turned positive.

Got it. Sir, the second question was related to costs.

You emphasized on how you are trying to control costs, and then I think previously the CMD had talked about that as well. In terms of targets that you had given earlier on cost controls, how much of that have you been able to kind of get to, and what do you think will get achieved in, probably, fiscal '27?

Those targets have not been met because the year is not yet closed or the period that we're talking about has not yet completed, but we are on track to do that. We have reduced our inventories.

We are also taken structural steps to reduce costs in the long run. We have also started off with Pipavav port operations, which reduces our logistics costs as far as the deployments are concerned for the northern part of Mumbai High fields.

We have also optimized on the diesel consumption and actions have been taken over there. We have been taking action on reduction in our costs as far as manpower restructuring is concerned.

Those things have already started to translate into savings, which would be reflected in the annual figures as such. We are also transitioning to renewable energy power, our own generated power or green power that we would be using, which would reduce our power bills also.

All these are on track and results should get reflected in this annual or this last quarter onwards further on.

Got it, sir. Thank you.

Very helpful.

If you see, in spite of the crude prices going down very substantially, we have been able to report positive figures both for the third quarter as well as for the nine-month period.

Yes. Thank you, sir.

Really helpful.

Good morning. I have a few questions.

First one is there has been some decline on the share of new well gas from 21% to 18% as per your press release. Can you explain, give more color on that?

21%

to 18%? What you mentioned in the press release.

Huh, just one sec. Huh.

Sabri, just hold on. Your point was that it has gone down from 21% to 18%.

What you mentioned in the press release. So We have mentioned 18% on our press release, yes.

So 18% is, Sabri, on the basis of nine-month production, what it is, huh? Vis-a-vis that is

18% and 21% is on revenue basis, not quantity basis. Revenue to gas price.

Revenue.

He's talking about quantity. Sabri, what I was referring was that 18% 21% was on the six-monthly basis.

Now if you consider that nine-month production, on that basis, it is 18%.

It is also on revenue, I have seen this. It's fine actually.

It's

because of the price. It's on revenue also.

Quantity. Quantity.

Second question is on this I think the Director Production in the India Energy Week mentioned some figure, 4,000 barrels per day of incremental production from this BP TSP. Could you clarify this?

Is it too early to actually quantify?

As I mentioned earlier to an earlier reply, that we have already seen positive results for MH field because of the TSP, the quantification, final quantification of which we will be in a position to give you at the end of this year or during the annual figures as such. Yes, there has been a positive development in Mumbai High field, both for oil as well as gas.

Got it, sir. Third small question.

What was the nine months capex, standalone capex for the company?

We have spent around 24,000 crore, 24,400.

Right, sir. Sir, last question, I think it's a regulatory question.

We have seen that in the ORDA amendment, a lot of has been stated about fiscal stability and all. The government basically raised the GST in the budget sharply.

There is no input tax credit also. Is there any relief that the company can seek based on the ORDA amendment, or you have to accept it for now?

As far as this GST increase is concerned, we don't think it would be possible for us to get that any relief under that ORDA Act as such. Because GST Act is particularly for all the goods.

It's not necessarily for only oil and gas sector.

Anything related to MOPNG could be that relief could be sought, but this is coming from Ministry of Finance.

There would be no cess increases and all those things, what was happening earlier on us now. Those things would not happen.

There would be no ad hoc subsidy or windfall tax or something like that.

Got it, sir. Got it.

Thank you so much and all the best.

Thanks for taking my question. I have the question on this Daman upside development project.

What is the expected gas contribution in FY '27?

4 to 5 MMSCMD.

Okay. Full number, that's we expect in FY '27.

Sir. And

Because all our project is on schedule, drilling also is already being done, already some wells would get hooked up immediately. We are from March itself, we will have gas coming up in phases.

Sir. My second question is, you mentioned four major infrastructure projects that's nearing completion.

Which are these and what is the incremental production that they unlock over the time, sir?

The project which were mentioned basically, those were mainly one was Daman, what we were talking about, which already sir has spoken. The rest of the projects were infrastructure projects what we are referring to.

Okay. That's helpful.

Daman actually, if you see, it's already completed around 94%.

Sir. Yeah.

That's from my side. Thanks, sir.

Thank you for the opportunity. My first question is on the investments outside of E&P.

You had invested in Ayana Renewables and you had highlighted targets for 2030 in terms of the gigawattage output that you expect from renewables. Can you give us an update on that and the capex commitment for FY '27, '28 each year?

I believe your capex guidance is only for standalone. If you can help us with this number, that's question one.

I'll ask the next one after this.

For Ayana Renewables, it continues to be on track for it is producing electricity from wind farm as solar projects which are there already. The projects under execution continue to be executed.

They should be completed within this financial coming financial year. As far as the additions to all the targets that we are giving for 2030, yes, those stand.

10 GW stands for 2030. Towards that end, we are already looking at projects which we could acquire.

There is one project which we are setting up 300 GW 300

megawatt

project, solar project that we would be setting up as a greenfield on our own, ONGC as of now. Our targets remain in place, and we continue to be on more or less on schedule for this thing.

Would you like to add anything?

Okay. It's okay.

Next question, we can take up.

Yeah. That's it, Vivek.

Anything further you want?

Oh, is there any capex guidance you want to provide for FY '27 and '28 as far as renewable investment goes?

These targets would be for this renewable, it would be more of whenever we get opportunity, we would be making those acquisitions or taking over those projects. We have not kept a target, but we are open for up to 10 crore 10 GW, we would be working on that.

Capex is not a problem for us.

Okay. The next question is on the petrochemical investment plans.

You had been in talks to set up a greenfield refinery in Prayagraj in UP. More recently, I think Chairman sir also commented about the petrochemical story in the India Energy Week.

Any concrete plans or any thoughts that you want to share here with respect to the negotiations for the Prayagraj land parcel, the investment outlay that you're planning, and any timelines? Thank you.

We're already working on the various projects. We are contemplating and working with the partners.

Still, as of now, no concrete plan has been declared. As regards to Prayagraj, there is a land parcel available with BPCL.

We are in the talks with BPCL and with the UP government. The plans are being worked out.

Techno-economics are being worked out. No firm plan as of now.

Okay. Thank you and all the best.

Thank you.

Namaskar, sir. Hope I'm audible.

Yes, please.

You're audible. ): Sir.

Sir, the question is pertaining to the capex part from the PSU when we are looking at your ancillary companies, suppose a pipe manufacturers, the seamless pipes and or the rig prices. Everywhere, we have seen softness.

Also, when we look at our historical data, there are quarters post the December when there are a lot of supply demand being generated from the existing fields in terms of the pipe orders being tendered. That has not been the case for the current year.

Can you give some outlook on your spending or on the pipes for the rigs for the wells which are already in output? That's to improve their output, though.

Yeah. Our capex program is on track.

As we have already mentioned, we continue to have capex of 32-odd thousand crores for our company. As far as our ordering, etc., is concerned, it is on track for meeting our capex as such.

We are not in a position to comment upon what about the other companies are concerned. ):

Right, sir. When we hear the output part, the oil output from the country and all, are on declining trend also.

Correct me there if my statement is incorrect. Going forward, what should be the output guidance from the management in terms of the existing oil field and also in the which are in the exploratory stage?

As we have already mentioned earlier on, 42 42.5 million metric tonne is the oil and gas equivalent that we are targeting for this coming financial year. ):

Right, sir. Sir, I'll join the queue.

Thank you.

Hi, sir. Thanks for taking my questions.

Morning. Hi.

Sir, just a little bit more details on each of these production projects and where they would take us if we try and visualize quarter-by-quarter or half-by-half. KG-98/2, you said production should start flowing in in a couple of months, starting April to June, that quarter.

The ramp up, the incremental 5 to 6, I think we are already at about 2 MMSCMD or so. The incremental 5 to 6 will take 3 to 4 quarters.

Is that what you said?

I said from April till April, we will be doing this ramp up, etc., and subsequently, it should start coming up to 3 to 5 MMSCMD. Additional, [unclear].

Okay. Additional, I'm talking about fourth quarter.

Yeah.

Yes.

Okay. Okay.

Daman, you said the start will happen in March, and it will ramp up to the 4 to 5 very quickly? Within a couple of months itself, is that the likelihood of

In a quarter, it should In a quarter, it should happen. July quarter, it should definitely be there.

Okay. All in all put together, say sometime by between December and March of December '26 and March '27.

Say by July quarter, we'll have an extra 4 5 from Daman, 1 2 from, about that 2 1 or 2 from KG-D6 by July, by June, July. Then by somewhere by the fourth quarter, we could have a total of incremental 10 MMSCMD from these projects, right?

Because by that time, Vikas ji, our TSP would be also there, huh? More positive things we can expect.

What your understanding, Vikas, is broadly in line.

Yeah. Sir, MH field coming back, I just wanted to maybe I was thinking very quantitatively.

When you people were saying that it has turned positive to the question that what is the decline rate, is it that you've been able to arrest the decline as compared to the earlier rate of over 7%, 8% decline of the MH field? Is that what you mean by it has turned positive or it is just that the decline rate has reduced?

Because maybe I was thinking too quantitatively about the positive word.

No, positive is positive in the sense key it is the decline has been arrested and as well as there has been an addition to that. Figures, we will give you at the end of the year.

Sir, just to understand, this field was declining at over left to itself about six 6%, 7% every year or more? Was that the case?

Broadly what happens is you estimate a decline because you can't project how much the field will decline over 10-year period. Broadly, it was being said that this is declining from 6% to 8% annual basis.

That is what we were expecting this field to decline, and accordingly had looked for getting measures to arrest that decline. There was a profile which was agreed to between BP and ONGC that this would be the base profile if we do nothing case sort of.

Sure.

This is how the production would decline, and now we are getting production so BP is actually to give us production beyond that decline. What they have committed is 10 million metric tonnes over a period of

10 years.

10 years.

Okay. Okay.

You can say that the early gains have already started because versus your projected production levels, we are doing better.

Yes, if you remember, I have been saying for the last two quarters that we are expecting BP or the TSP to give us positive results from the fourth quarter of this financial year, which we are already seeing it.

As

year end, I think we should be in a position to give you those figures also.

Sure. New well gas, not talking about 9 months, not talking about 6 months, but if I were to look at the exit rate right now, and maybe whenever the next recognition of incremental production is, say April or somewhere, that new well gas would be what share of output, say from around April as per your best guess?

We would expect that every year or every quarter, this percentage of new well gas should increase because what happens is for the existing fields, we would be working over the existing wells. If they stop, we will work over them or we will be doing certain other jobs which would production from the existing wells and the field, so that becomes the new well gas.

What we are expecting is that we should have an increase in 2027. Now we are at 18%.

We should increase up to 24% or something like

24%. 24%.

Sorry, 24% from April onwards, you expect?

New well gas.

New well gas.

[unclear] for the year.

For the year. As a whole.

Okay. Over the next three, four quarters, you're saying.

Huh.

Abhi jaise

18% tha.

Sure. Sure, sir.

Understood. Sir, just to get a confirmation on the pricing, KG-98/2 will of course be HPHT, and Daman will be what price?

NWG. NWG pricing.

NWG pricing. Yeah.

Okay.

Yeah.

Thank you so much, sir. Those were all my questions.

Hello. Hello.

Thank you, sir, for the opportunity. In our target for FY '27 at 42.5 million ton, what are we assuming about the BP at this point of time?

Is it a continuing decline or a zero decline for FY '27?

I question.

I was asking, in terms of the Mumbai High production field, what is our assumption for FY '27 when we have shared in our target 42.5 million ton?

For 42.5 million ton, we have not considered any contribution from this TSP project.

That would be an upside.

That's it. It

is an upside. Upside.

Yes. It would be an upside.

Sure. In terms of the BP TSP, would you be also able to share the number of wells that we plan to drill and what would be the investment during FY '27?

No, as of now, no. Why, because that is still work in progress, what we are doing.

Once that gets finalized, then only we would be in a position to communicate about the details about the same. Which we should most likely maybe in the annual results, we would be able to tell you.

That's why I said the figures also, we would be able to tell you around that time.

Sure. In terms of the value creation that we are approaching, would we be able to give more color on what kind of numbers we can achieve during FY '27?

For the production figures, are you asking me?

Efficiency and value creation bucket that you have spoken about.

On the cost control?

Cost control, yes, sir.

We are targeting that we should be reducing our costs by around 1,000 crores. 1,000 crore.

By the various measures that we have undertaken now.

This is additional 1,000 crore target over and above the measures that has been undertaken during FY '26? Is that a right

It is a continuation of those measures that we have taken in '26.

Sure, sir. Thank you.

Thank you.

Thank you. If you are to look at your new well gas, I understand that it's going up from 18% to 24%, right, in terms of the share of overall gas production.

You will get the incremental upside in the gas price only the addition of 6% on a weighted average basis, right, on your new well gas. Is that the right way to understand that?

There would be an increase in the percentage of this new well gas as a percentage of the total quantum of gas produced. Another thing from the nomination fields.

Another thing is that the price that we get would be 20% higher than the price that is given to the APM gas.

No the pricing I understand. Basically if in terms of the growth for next year, if you're expecting the share of your new well gas to go up from 18% to 24%, on that additional 6%, you will get the market-based price based on the 20% higher price, right?

That's the way to look at that, right?

The market-based price, we will be getting up to that 12% of the slope, Indian

crude

basket.

If you look at beyond 20 beyond '27, is there any further increase possible in the share of the new well gas to

let Normally what we are expecting that every year, we should have additional incremental gas new well gas coming up from this nomination fields. Even if we maintain the production, we will have an uptick of around 7% or so.

In addition to that, let me tell you, currently it is at $6.75. From April 1st, that ceiling will also go up by 25 cents, which will be at $7.

Okay. The second thought is if you look at your segment numbers, the petrochemical loss has come down.

Do you have any line of sight in terms of when you would be able to report a positive number for the segment results from the petrochemical segment, given the kind of efforts you're putting to restructure the feedstock and improve the product mix. When do you see that happen?

With this petrochemical prices moving up and with the other costs under control, we are quite hopeful that we'll continue to be EBITDA positive for the full year next year, and hopefully, we should be turning the corner also.

Would that be visible from the first quarter itself or more likely from second half?

We're already EBITDA positive currently also, we would continue to do that. Whether we turn the corner in the next quarter or the next year or subsequent, that would depend partly also on the petrochemical prices as such.

Okay. One last thought if I may squeeze in.

On the ethane sourcing arrangement you have with the ethane ship and the agreement with Petronet LNG. I know you can't possibly get into the commercial terms, but in terms of the ethane sourcing, are you in a position to confidently have a line of sight in terms of the quantity you want, and what would be the pricing mechanism for that?

Would you import it on a CIF basis because you have the ship, or how would you go about fixing the commercial terms and because that would have a impact on the economics of using ethane for your petrochemical production. Broadly, in terms of the availability of the required quantities, what proportion of the naphtha you can replace, and what would be the broad approach to the pricing?

Now, let me come back to you. See, the OPaL plant uses basically two feedstocks: 60% naphtha, 40% ethane.

We are trying to engage this 40% ethane beyond 2028. Terminal part has been fixed.

Shipping arrangements have been made. We are in the process of fixing up the sourcing issue.

The quantity would be of the order of 600 KTPA. Pricing and all, we will declare at a later date.

Okay. Thank you very much.

Wish you all the best.

Thank you.

Yes, namaskar, sir. Hello.

Yes, please. ):

Yes, sir. Sir, just I'm referring to two new discoveries for Suryamani and Vajramani.

Where are we, sir, in terms of the exploration activities and also for the Mahanadi basin, sir? I think so some discoveries were made in the MNDWHP 2018 block.

Sir, secondly, we had some tie-up with, what we say, BP ke sang kiya tha jisse jo old hamari oil fields hai usse hum apni yield improve karenge ya jo aapka substrate well mein hai usko bahar nikalne ki baat thi, wo venture abhi kaisa progress kar raha hai? Uspe abhi humne kya capex kiya hai?

Ya yadi uspe kuch jaankari dete.

Toh aapka doosra prashn pehle uska jawab deta hoon. BP ke saath jo humne yeh saajhidari kari thi, woh uska abhi hamein phal dikhayi dene lag gaye hain.

Jaise maine kuch der pehle hi bola tha ki iska jo mulyankan hoga woh hum iss saal ke anth tak kar paayenge aur uske baad hi usko sab ko bata paayenge. Abhi tak ke jo hamein mile hain, woh bahut hi achhe aur positive hain.

Coming to your first question on Suryamani and Vajramani, we'll have Sir, regarding this Vajramani and Suryamani, the oil potential we have analyzed, and being a marginal field, we are evaluating various options, including a new way of installing the platforms, which becomes technocommercially viable. It is in the west coast.

Both are in the west coast only. The Suryamani and Vajramani are both in the western offshore part of fields.

Regarding Mahanadi basin, what was your question that what is the discovery as such? ):

Yes, sir. Discovery as well as and when are we planning to explore?

Kitna capex karenge is

pe? Discovery or the development part of it will take some time.

We are currently doing that. Development plans are being made up.

Once those are finalized, then we would be in a position to indicate how much is the cost or the capex that we would be incurring for this discoveries to be developed fully. These are still in the preliminary stage, and maybe in the next year, we would be in a position to have our capex plans firmed up.

We have to drill some appraisal wells, etc. All those things would be finalized and then accordingly, we'll prepare the development plans.

):

Sir, in my previous question also, I have inquired about what kind of order tendering we have done in terms of the, especially the seamless pipe segment. If you can give me comparable numbers for the current financial year with the previous year and for going ahead, what have we outlined in terms of capex that will be attributable to this category?

I think these are consumables for us if you could just abreast on the same.

As of now, I would not be in a position to give you those figures offhand as such. Because normally an analyst call, we'll give you all details about what are the major plans, etc.

We don't have those details with us. You'll have to get it all the specifics.

):

Sir. I'll take it then offline.

Thank you for the follow-up opportunity. As far as OVL is concerned, can you give us an update on the dividends that you expect from there and any status on the money that you should have by now repatriated to India?

What is the status of that, given the geopolitical tensions? I believe there was some money that was stuck there.

That is question one. The second one, if you could repeat the update on the new well gas revenue contribution.

I think Sabri had asked earlier that you had mentioned in the 1H results that the revenue contribution was 21%, but in 9 months, the revenue contribution declined to 18%, suggesting meaningful fall in new well gas revenue contribution. Those are my two questions.

Thank you.

Just hold on. Vivekanand ji, we do have Mr.

Rajarshi Gupta, who is MD of ONGC Videsh, he would respond to your query.

A very good morning to all of you. The question was asked earlier, and as we said, that our interest in the Sakhalin-1 project is secured and we are in the project.

The productions and operations are normal. The standard dividends of Vankor from the other field which was there, that has also been utilized for internal resources.

We are okay in that part of the world, and it's now more or less normal. Yes, the geopolitical tensions are going on, but we do hope that there will be a resolution sooner than later.

Regarding NWG, just give me a minute. NWG is 5,028 out of What was mentioned earlier was as was already clarified, I think, that it was on the H1 the 21% was on the H1 figure, and this 18% is on the nine-month figure.

For the H1, we had about 3,352 crores, to be precise, as the new well gas revenue upon a total revenue of 15,000-odd, which comes out to around 20%, 21%. Whereas in this case, in the nine months, it is 5,000 plus crores of new well gas upon a gas sales of 23,000-odd, 24,000-odd, which comes out to 18%.

There has been incremental addition to the new well gas, but as a percentage of the total gas revenue, it has percentage has come down. It is more of statistics than anything, but it moves upwards.

Right, sir. Why has it come down?

There

is a difference in the gas price.

Yeah.

New well gas price and the quantum of other gas, etc.

Baki, Vivekanand ji, we will just put out that NWG gas sales figure also, so that would help you out to work out. Okay?

Yes.

I think that would be more helpful because I think that might be related to HPHT contribution maybe higher,

which is possible.

Yes, it would be great if you can put that number out. That is how it is, yeah.

Okay. Thank you so much.

Thank you.

Thanks for the opportunity, sir. Sir, the question is on the production output for FY '27, the growth that we are building on a YoY basis.

If you could just help us with, one, what is the natural decline rate that gets built in? Two, in terms of projects, Daman and KG Basin are the two major ones that we are factoring in for growth?

We've already mentioned this thing, but I'll repeat it. For KG, we have already mentioned that all our modules have been installed, and now we are doing the hookup, commissioning, etc.

will be carried out. From this next year onwards, we should have the gas flow coming up, and we would have 4 to 5 MMSCMD from KG Basin in the next year.

For Daman upside also, we have mentioned that our wells have been drilled, we are in the process of drilling. We are in process of doing the jacket and well platform installation, etc.

We are expecting first gas to come in from this March itself. For the next year, we would have again another 4 to 5 MMSCMD of gas coming up from Daman upside project as such.

As far as the targets are concerned, whenever we give the targets, those we do factor in whatever are the likely reductions or expected declines for those fields and the measures that we are going to take. It is not that we would have just a reduction coming up in all the fields.

There would also be actions that we would have taken, drilling of wells, we would have done URs, etc., which would take care of the targets that are to be achieved.

Sir, just wanted to understand at a blended portfolio level, what would be the decline rate?

Broadly, you can consider that this would be around, depending upon the fields, this can be around 6% to 7% or 8% declines on a normal basis. Fields do behave differently.

If you see other fields at other places also, declines have been very sharp. It depends upon the field.

It depends upon how much you are extracting. It depends upon what processes you are using,

vintage of the field,

etc. Many factors which contribute to the decline in production for fields as such.

Broadly, we have been considering it to be 6% to 8%.

Got it, sir. Sir, the question on the projects was, are these two the only major projects that we are considering in FY '27 or is there a few more projects that gets built into this FY '27 outlook?

DSF-2 project is coming up, which is again a gas in the west coast, and we are expecting it to come on stream in the last quarter of the next year.

Got sir. Sir.

Thank you, sir.

Thank you.

Thank you very much, Madhuri. Thank you, all participants, for being on the call with us, and we do hope that we would have replied to your questions.

Any further details, you can be in touch with our IRC cell over here. I would just like to mention that as we have been saying earlier in various calls that TSP, we are expecting positive results, or we would be getting certain results in the last quarter of Financial Year '26.

I have already mentioned we are getting positive results, and we would be in a position to quantify that at the end of this year. Secondly, our KG Basin '98/2 project, which had been delayed because of certain reasons, which we have now been able to install all the modules over there.

The hookup commissioning works would be underway, and we do expect gas to start flowing from the beginning of this coming financial year. DUDP is also on track.

Our gas, we expect to flow from this March itself. Those are upsides that are there.

I think one major decision which the board has also taken is to announce a dividend of ₹6.25 per share. Considered with the first interim dividend of ₹6, it is a total amount that we are giving is ₹12.25, which was the dividend that we had paid for the previous year.

On an interim dividend basis, this is the highest cumulative interim dividend that we have paid. We are quite positive about the future of this company, and we are also taking care of our stakeholders so that they get optimum returns also.

We do hope that the stakeholders would also welcome this. This was one long-standing demand from the investors also about the returns or the rewards that are given to the shareholders, and we think we would be in a position to reward the shareholders in the future also.

Thank you very much.