News

After the technical services provider (TSP-1) contract for Mumbai High, Oil & Natural Gas Corpn (ONGC) and bp have signed a new technical services contract on 25 June 2026. Under the agreement, bp has been appointed as the TSP for ONGC`s fields in the Western Offshore Basin. As India`s National Oil Company, ONGC plays a pivotal role in strengthening the country`s energy security, accounting for approximately 64 per cent of India`s domestic crude oil and natural gas production. Comprising 43 blocks, the Western Offshore Basin is ONGC`s most prolific hydrocarbon-producing basin and has contributed significantly to India`s energy requirements for over four decades.The agreement marks a significant expansion of the ONGC-bp collaboration from Mumbai High to the fields in the Western Offshore Basin. It will facilitate the wider deployment of advanced technologies, global technical expertise and best-in-class operating practices across some of India`s most important mature hydrocarbon assets.ONGC will retain complete ownership and operational control of the assets. bp will work closely with ONGC`s multidisciplinary teams to identify and implement focused interventions across reservoirs, wells and production facilities. The collaboration will seek to moderate natural production decline, improve hydrocarbon recovery and operational efficiency, and support sustained production growth. Under the terms of the contract, bp will receive a fixed fee for the first two years, followed by a service fee linked to a percentage share of revenue generated from net incremental hydrocarbon production. The agreement builds on the technical services contract signed by ONGC and bp for Mumbai High in February 2025. During the first year of collaboration, the two companies successfully moderated production decline and delivered growth through optimization of existing wells, enhanced surveillance and focused reservoir, well and facility-management initiatives.

ONGC announced that the Board of Directors of the Company at its meeting held on 26 May 2026, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

Net profit of Oil & Natural Gas Corpn rose 45.60% to Rs 10819.65 crore in the quarter ended March 2026 as against Rs 7431.14 crore during the previous quarter ended March 2025. Sales rose 3.61% to Rs 173805.19 crore in the quarter ended March 2026 as against Rs 167749.00 crore during the previous quarter ended March 2025.For the full year,net profit rose 14.35% to Rs 41424.38 crore in the year ended March 2026 as against Rs 36225.61 crore during the previous year ended March 2025. Sales declined 0.15% to Rs 662247.32 crore in the year ended March 2026 as against Rs 663262.31 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales173805.19167749.00 4 662247.32663262.31 0 OPM %14.5912.98 -15.5713.40 - PBDT28447.1422176.36 28 105449.3487754.92 20 PBT19102.1713263.97 44 68058.6752548.95 30 NP10819.657431.14 46 41424.3836225.61 14 Powered by Capital Market - Live News

ONGC will hold a meeting of the Board of Directors of the Company on 26 May 2026.

Oil & Natural Gas Corpn announced that a fire incident was reported at ~17:45 PM on 3 April 2026 at its SHP Platform, Mumbai High Asset. The situation was promptly brought under control and the fire extinguished. 10 personnel sustained minor injuries and are under medical care. All are stable. Operations have been normalised.