Oil & Natural Gas Corpn Q1 FY27 earnings call: Revenue & Margins

Future growth expectations as per the Q1 FY26-27 earnings call of ONGC Limited: - **Production Growth:** - Overall oil and gas production expected to be stable or slightly increasing, with FY27 standalone oil & gas production targeted around 39 MMT, and about 40 MMT for FY28. - Gas production to see significant upside from projects like Daman Upside Development Project (DUDP), CPP commissioning, Tapti and Daman wells, and expansion of TSP programs. - Incremental gas production expected to be around 1 BCM per year from new developments. - New well gas contribution growing to about 19% in volumes and 38% in revenue this quarter; expected to rise steadily. - **Revenue Expectations:** - New well gas revenue reached nearly INR 4,000 crore, incrementally INR 1,900 crore above administered pricing, indicating better realizations from new wells. - LPG prices showed higher volatility with premium realization due to market conditions. - **CapEx:** - Planned CapEx in the range of USD 3.5-4 billion annually, supporting growth projects and exploration.

Relevant points related to project execution and CapEx indicating ongoing and upcoming work include: - ONGC is executing projects worth approximately INR 40,000 crore in the Western Offshore region. - A large exploration program is underway, particularly under the Samudra Manthan National Offshore Exploration Scheme with an outlay of INR 84,084 crore. - CapEx guidance for FY27 and FY28 is in the range of USD 3.5-4 billion annually, reflecting ongoing investments in exploration and development. - Survey contracts faced delays in Q1 but major contracts have been awarded, with significant survey activities planned post-monsoon.