# ONGC targets higher output as Q1 profit rises 21%

2026-08-06T11:50:23+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

ONGC expects oil and gas production to reach about 39 million metric tonnes of oil equivalent this financial year and 40 MMTOE in 2027-28, The Hindu reports. Output stood at about 38.87 MMTOE last year. Director (finance) Anupam Agarwal said gas would drive this year’s increase, with another rise of nearly 1 MMTOE expected next year. ETEnergyWorld reports that consolidated net profit rose 21.37% year-on-year to Rs 11,898.93 crore in Q1 FY27, while revenue increased 25.68% to Rs 20,498.74 crore. Standalone profit more than doubled to Rs 17,033.81 crore. JM Financial expects production growth from ONGC’s over Rs 40,000 crore Western Offshore investment programme. HPCL’s Rs 12,265 crore loss reduced the group’s performance.

## Coverage

- thehindu.com <https://www.thehindu.com/business/Industry/ongc-expects-oil-plus-gas-production-of-39-mmtoe-this-fiscal-40-mmtoe-next-year/article71310726.ece>
- energy.economictimes.indiatimes.com <https://energy.economictimes.indiatimes.com/news/oil-and-gas/ongc-q1-fy27-profit-up-21-to-9804-crore-jm-financial-sees-production-led-upside/132896082>

Tags: deepwater exploration, energy, oil and gas, ONGC, Venezuela
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