ONGC Q3 Review - Continued Production Delay In KG-DWN-98/2: Motilal Oswal
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Motilal Oswal Report
Oil and Natural Gas Corporation Ltd. reported in-line sales volumes, with realization at $43.2/barrel of oil.
Crude oil production has reached last year’s levels, while gas is still marginally lower YoY due to lower offtake by customers on account of Covid-19.
For FY21/FY22, the company has guided for oil production at approximately 22.5 million metric tonne/23mmt (flat YoY), while gas production is set to increase to ~23 billion cubic metres/25bcm (up 8% YoY), although lower than earlier estimates.
Covid-19 has caused further delay in KG-DWN-98/2, with the peak production target to be achieved over 2023–24.
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