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S&P Global Ratings stated that increased investments by Oil and Natural Gas Corp (ONGC) will slow its deleveraging over the next 12-24 months, affecting its bbb+ standalone credit profile. Despite a 2-3% drop in domestic production and lower realizations in FY2024, ONGC s EBITDA rose to Rs 1.1 lakh crore due to strong performance from subsidiaries MRPL and HPCL. S&P forecasts EBITDA to remain around Rs 1 lakh crore for FY2025 and FY2026, supported by increased production from the Krishna Godavari basin and international assets.
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ONGC News: The firm s production volumes should rise gradually over fiscal years 2025 (April 2024 to March 2025) and FY2026 as the company scales up oil and gas production from its block in the Krishna Godavari (KG) basin in India.