The companys crude oil production fell 2% year-on-year to 5.25 million metric tonnes during the quarter. The gas production fell nearly 3% to 5.2 billion cubic meter. ONGC has struggled with production for years as its fields have matured and no major discoveries have been made in a long time.
ONCG’s FY23 consolidated EPS estimate has been cut to Rs 29.70, as higher oil realisations of $83 per barrel and higher volumes across oil and gas are offset by lower profitability for OVL, Nomura said