ONGC Q1 Review - Concerns Over Delay In Gas Production Continue: Motilal Oswal
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Motilal Oswal Report
Oil and Natural Gas Corporation Ltd. reported in-line numbers and crude oil sales; lower gas sales were offset by higher-than-estimated value added product sales.
Gas offtake was lower due to lower offtake from GAIL India Ltd., led by shutdowns at the customer end.
Gas production continues to decline on a sequential basis.
ONGC management has guided for gas production potentially at 24.7 billion cubic metre for FY22, while gas production would be lower than earlier guided at 27 billion cubic metre for FY23.
Delays in production at the KG-DWN-98/2 field continue amid restrictions on international movement due to Covid-19.
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