The Indian state-owned oil and gas company ONGC (Oil and Natural Gas Corporation) has released its results for the fiscal year 2023, in which the company posts a nearly 41% increase in gross revenue, from INR1,103bn (US$13.3bn) in FY2022 to INR1,555bn (US$18.8bn) in FY2023. However, the group’s net profit (after tax) decreased by 3.7% in FY2023 to reach INR388bn (US$4.7bn).
ONGC’s total crude oil production in FY2023 decreased slightly (-1%) to reach 21.49 Mt. Its total gas production also decreased (-1.5%) to reach 21.35 bcm. Production of value-added products fell by nearly 16% to 2.6 Mt. According to ONGC, the decrease in oil and gas is due to delays on the implementation of the KG-98/2 cluster II project.
In addition, the company announced plans to invest INR 1,000bn (US$12.1bn) by 2030 on energy transition projects, and announced an objective to achieve net zero emissions by 2038. ONGC is aiming to increase electricity generation capacity from renewables to 1 GW by 2030 (against 189 MW currently).