Good afternoon, ladies and gentlemen. I am Madhuri, moderator for the conference call. Welcome to ONGC's earnings conference call for quarter ended 30th September 2026. We have with us today Shri Anupam Agarwal, Director Finance, and team who will interact with investors and analysts to discuss earnings for Q2 FY 2026 to 2027. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone telephone. Please note that this conference is recorded. I would now like to hand over the floor to Shri Anupam Agarwal for his opening remarks.
Good afternoon, ladies and gentlemen. I am Anupam Agarwal, Director Finance, ONGC. I welcome you all to ONGC's earnings conference call for the second quarter of FY 2026-2027. Thank you for joining us today. I am joined here with Our Director Production, Mr. Bhaskar Chowdary, and other colleagues from ONGC, that is Mr. Satish Kumar Dwivedi, Chief JV and BD, Mr. Ashok Kumar, Chief Marketing, Mr. Yogish Nayak, Chief Corporate Finance, Dr. Ravinder Singh Negi, Chief Treasury and Investor Relations, Mr. Sanjay Kumar Sharma and Mr. Prakash Joshi from Investor Relations team, Mr. Pramod Kumar Kalra from Corporate Planning, and Mr. Akhilesh Tiwari, Head Corporate Accounts. Mr. Mukul Bhatnagar and Mr. Vicky Agarwal have also joined from ONGC Videsh.
ONGC's financial results for the quarter and half year ended 30th September 2026 were approved by the board on 5th November 2025 and have already been disseminated through the stock exchanges along with our press release. This has also been sent to the analysts who are there on our mailing list. The quarter was characterized by strong financial performance on back of improved realizations, even as geopolitical developments in the Hormuz region impacted global supply chains and led to delay in the execution of certain strategic projects, including DUDP. We reported standalone gross revenue of INR 43,875 crore, an increase of over 33% over the corresponding period of last year. Our average crude realization for the nomination base during the quarter was $92.33 per barrel. Standalone profit after tax stood at INR 15,489 crore, registering a robust growth of over 57% year-on-year.
Riding on the strong earning momentum, the company also posted its highest ever H1 profit after tax of INR 32,522 crore. The board also declared its highest ever interim dividend of 150%, that is INR 8 per share, with total dividend outgo of INR 10,064 crore. Despite a challenging cost environment marked by inflation and exchange rate volatility, ONGC maintained a strong focus on cost optimization during the quarter. The company's operating expenditure remained well controlled, reflecting the benefits of sustained operational efficiency, initiatives, and disciplined management of controllable costs across its operations. During FY 2027, ONGC generated INR 7,050 crore of revenue from new well gas, realizing an incremental INR 2,859 crore compared to the APM gas pricing regime, accounting for over 34% of company's nomination gas revenues. New well gas continues to strengthen ONGC's earning profile.
On the production front, ONGC's oil and gas output remained broadly stable on a sequential basis during the quarter. Although it moderated marginally on a year-on-year basis, production was impacted by supply chain disruptions affecting certain projects, including DUDP, as well as weather-related operational challenges in offshore areas. In addition, temporary customer uptake constraints, including a shutdown at the OTPC facility in Palatana, affected gas production during the quarter. We are actively addressing these issues, with critical materials now being mobilized and additional wells expected to come on stream in the coming months. Accordingly, we expect a gradual improvement in production and are confident of recovering lost ground in the subsequent quarters. The TSP, that is Technical Services Provider Program at Mumbai High continues to deliver encouraging results with green shoots within Mumbai High production and demonstrating the positive impact of the interventions undertaken.
Building on this success, ONGC is moving ahead with a larger drilling and intervention program aimed at further enhancing production from the field. The TSP program for the remaining western offshore assets, primarily the Neelam and Bassein and satellite fields, was awarded during the last quarter. Teams have been mobilized and detailed work plans are being finalized, with implementation expected to support production enhancement and arrest natural decline in these mature fields. ONGC reinforced its long-term growth pipeline during the quarter by awarding two major western offshore development projects with a combined investment of approximately INR 11,800 crore and an estimated hydrocarbon potential of 23 million metric ton of oil equivalent. The projects covering MBOSN-2005-1, SD-4, and BS-17, and the additional development of Ratna 1 and Neelam 14 are expected to be completed over the next two to two-and-half years.
On the exploration front, ONGC has renewed its focus on deepwater exploration under the Government of India's Samudra Manthan initiative. We are encouraged by the positive results from exploratory drilling Mahanadi offshore basin, where gas has been encountered, affirming the prospectivity of the Indian eastern offshore basin. We are optimistic about the potential of emerging prospects in Utkal, Konark, and Mahanadi areas, which could open new growth avenues for the company. A significant policy milestone during the quarter was issuance of detailed operational guidelines for the Samudra Manthan, National Offshore Exploration Scheme. To support this, ONGC is scaling up its deepwater drilling capabilities. One deepwater rig is already operational in Mahanadi Basin, while a second deepwater rig is expected to be mobilized during this financial year. We are also encouraged by the gas discoveries in the Krishna region.
With the commissioning and expansion of IGGL gas pipeline network, these stranded gas resources are expected to be monetized, contributing to ONGC's future production growth. ONGC group posted a consolidated PAT of INR 18,535 crore in Q2 FY 2027, driven by solid contributions across its businesses. HPCL rebounded strongly during the quarter on the back of improved GRM, while ONGC Videsh and MRPL delivered notable performances. The results underscore the benefits of ONGC group's integrated and diversified energy portfolio and its ability to deliver resilient earnings across business cycles. ONGC Petrochemicals Marketing Limited was incorporated on October 7th, 2026 to serve as a single integrated market-facing platform for the marketing and trading of petrochemicals, chemicals, and related products across the ONGC group. The initiative is aligned with ONGC's downstream and petchem strategy and is expected to enhance market reach and unlock greater value across the group's petrochemical value chain.
ONGC is not only delivering robust earnings today, but it is also building the foundation for sustainable growth tomorrow. Through focused investment in production growth, portfolio diversification, and operational excellence, we are strengthening our ability to generate higher cash flows and enhance stakeholder return. With that, I conclude my opening remarks. Thank you.
Thank you, sir. Ladies and gentlemen, we will now begin the question- and- answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. The first question comes from Varatharajan Sivasankaran from Antique Stock Broking. Please go ahead.
Thanks for the opportunity, sir. First question on the higher other expenses as well as higher depreciation and lower tax rate during the quarter. What were the drivers behind that?
Yeah, higher other expenditure, actually, there was a case relating to Terminal Excise Duty receivable from DGFT for INR 1,861 crore, and this is already under litigation at High Court level. Though we are confident that we should win this case, but as a matter of conservatism, we have provided for that amount because the decision from the court is still pending. That coupled with decrease in OpEx by INR 609 crore and decrease in exchange loss by INR 625 crore, the net impact was about INR 600 crore increase in the other expenses. The other thing you talked about, lower corporate tax. That is basically certain part of income which is not taxable. The dividend earnings were higher this quarter, and you know, dividend we get APM benefit. Because of that, there was net overall lesser impact of the tax in this quarter.
And the higher depreciation as well, sir?
[audio distortion]
We have also provided some impairment for the exploratory wells, which were carrying for longer period, and that is being clubbed in the depreciation figure. That's why you are seeing a little higher other depreciation figure.
Fair enough, sir. Secondly, you spoke about all the projects and updates. If you can provide some guidance on the production numbers as well for FY 2027-2028, and if possible, 2029 as well.
This year, we are expecting somewhere around close by. This year we should close by about 39 MMT, oil and gas equivalent of gas. Next year should be little higher, maybe 0.5 to 1 million ton extra.
Fair enough, sir. Finally, on the Samudra Manthan, how many wells are we going to drill under the plan in the current year, and if you have a plan for next year or maybe even the next two years? If possible, to quantify the benefit as well.
You see, let me answer the second question first, then I will answer the number. Samudra Manthan is an exploratory scheme, exploration in deep and ultra-deep water. Nobody can quantify, though we have a lot of expectation from those blocks, and that is the nature of exploratory business. Regarding numbers are concerned, this year we are planning four wells. Next year, we have a plan of drilling up to 13 wells, but that will depend on availability of rigs. We have already got two rigs on hire, and we are looking for other opportunities. You know, the deepwater market is a red-hot market right at this moment. We are looking at the rigs. If we get those rigs, we will be completing 13 wells next year.
Thank you, sir. Very, very useful.
Thank you, sir. Participants are kindly requested to ask one question in the initial round and may join the queue for more questions. The next question comes from [Mr. Viveka nand S] from Ambit Capital. Please go ahead.
Yeah, thanks for the opportunity. Can you refresh us on the current production from the first part of the TSP that you have with BP in Mumbai High, as well as the current production of KG-DWN-98/2? As an extension to this, if you can highlight what is the upside you expect for production from these two areas, the TSP 1 as well as KG-DWN-98/2 in FY 2028 and 2029? If you can split between oil and gas, that would be great. Thank you.
Just hold on. You see, TSP is not a standalone production. It is relating to the field, that is Mumbai High field, which is under TSP 1. There we are already seeing significant green shoots that with the technology and the support provided by BP, the kind of intervention we are seeing, those are giving good results. It is difficult to quantify specific results at a specific point of time. It is a 10-year contract, and as part of contract, we have a plan to achieve a certain upside on that TSP 1. The guidance I have given, that is at ONGC level, 39 MMT for this year and about 0.5 to 1 MMT more for the next year, that remains. The field-wise details if you need, those will be provided separately by our IR cell. They will provide you whatsoever additional information you need.
Thank you, sir. For the color, what about KG-DWN-98/2?
Yeah, KG-DWN-98/2, if you remember the last investor call and then subsequent press meet also, we had told we are seeing some kind of a reservoir surprises, subsurface surprises. Production today, oil terms, we are seeing about 19,000 bbl per day. Gas, some wells were to be connected this quarter, but you know the offshore was facing the monsoon time, and then there was recently an outage there, which disturbed the project schedule there. Now we are expecting those wells to be completed by the next quarter.
Okay. Thanks a lot.
Thank you, sir. The next question comes from Mayank Maheshwari from Morgan Stanley. Please go ahead.
Sir, can we talk a bit about the initiative around marketing on the petrochemical side, and also in terms of the performance for the petchem OPaL? Can you just walk us through what's the performance been this quarter?
You see, regarding the new initiative, we are taking the joint marketing company for petchem between OPaL, ONGC, and MRPL. We have a significant petchem portfolio, and presently our companies were. Currently, these companies were marketing the same products in the same market under different brand names at different prices. There we were seeing that there were significant losses in terms of the marketing discount they were required to offer. As a group strategy, we have decided to come together and have a single umbrella marketing framework. This new company will be marketing for all the three together. It will result in significant reduction in the marketing cost, the supply chain cost. Also, the prices we will be better able to hold in this case. That is the objective on that.
Regarding the position of petchem, you might be aware last quarter, the petchem prices saw some rebound. That is why we were able to see a positive EBITDA for OPaL. But at the same time, because of Hormuz situation continuing in the second quarter, the feedstock prices also went up. But we feel as the feedstock prices stabilize, and we are seeing some development like what has happening in U.S.A., et cetera. So, as the feedstock prices stabilize, the companies will be in much better position. At the same time, ONGC group is trying to get ethane from U.S.A. We have already contracted two ships which are under construction and will be delivered by part of 2029. We are also in talk with the U.S. companies to tie up long-term ethane prices.
With ethane tied up as a feedstock for the project, OPaL will see much better days in days to come.
Sir, will you be able to quantify the numbers in terms of synergy benefits from this marketing company as well as what is EBITDA and net profit for the quarter for OPaL?
Yeah, EBITDA and net profit I will tell you, but regarding the synergy numbers, it will be difficult to quantify at this stage. This is the directionally we are working, but significant upside will come.
Okay.
Just hold on for a second. INR 147 crore was EBITDA also positive.
Okay.
Thank you, sir. The next question comes from Amit Murarka from Axis Capital. Please go ahead.
Yeah. Hi. Thanks for the opportunity, sir. On the volume front, you mentioned KG-DWN-98/2 oil production. Could you also give gas production in Q2?
Yeah, gas production, basically some wells could not be connected till date. We are planning to connect three wells in the fourth quarter. So with that, additional about 1.5 MMSCMD will be coming from those three wells, expected.
But what was the volume in the second quarter?
Second quarter gas volume?
Just a minute.
Just watch. KG-DWN-98/2. KG-DWN-98/2. Entire gas volume of ONGC.
No, KG-DWN-98/2. Sorry, KG-DWN-98/2.
That was around 2 MMSCMD.
Okay. 2 MMSCMD. Did you expect another 1.5 to come by what, Q4 roughly?
Q4, yeah.
Sure. OPaL, I did not get the numbers right. You mentioned INR 147 crore positive EBITDA, right?
Yes, sir.
That is for Q2. Could you give H1 numbers also?
INR 90 crore.
Sorry, how much?
INR 90 crore.
For H1. Okay. PAT numbers for the same, please?
PAT is basically Q2 was INR 494 crore negative, and half year is INR 1,100 crore.
One thing that I wanted to add, last year our interest cost was around INR 2,000 crore, which is coming down now, if you see. We are targeting that to happen.
Actually, last two years, ONGC group has taken a lot of steps for making this OPaL viable, and capital restructuring was carried out, INR 18,000 crore was infused in that. A lot of costly debt has gone. At the same time, ONGC is also providing support to them in terms of getting the loans at a much more viable rate. So the financing cost is coming down. What I want to say that with this thing happening, the steps we have taken in the past, and the feedstock supply we are tying up through ethane route, the company will be posting much better things.
Understood. Also, on an earlier question on TSP performance, you mentioned that it is part of the overall Mumbai High. But generally, what I understand, the arrangement is basically based on a certain performance criteria to kind of reward the partner BP. So there must be some monitorable or some data point that must be getting generated to kind of compensate the partner. Is that understanding correct?
You are right. But actually, we have the first two-year period, their compensation is not linked with the performance. It is linked with the basically general We are paying a fixed fee period. So that incremental cost and the sharing part will start once the two-year period is over, that is from April 2027 onwards. But what has happened during this period itself, they had suggested many of the positive interventions in terms of increased drilling, et cetera. We are taking all those steps, and we are seeing that there are gains, and especially in gas front, there is a significant gain we have seen.
Any numbers if you could indicate? As you know, this is just important to kind of build out the future forecast for volumes.
Our Director Production will answer. Mr. Bhaskar Chowdary is there.
I am sure you will appreciate that Oil and Natural Gas projects normally have a longer gestation period because we have to plan the drilling and other things. There are some green shoots in gas output from the Mumbai High area, and simultaneously, some pipeline replacements and things have also been taken up on an aggressive mode. We are trying to build up the capacities for increasing our injection volumes, and then we expect this trend to continue. Nevertheless, Mumbai High has been recording a better production of gas of late.
Oh, sure. I get that. Also, the exploration write-off that was recorded in the second quarter, it was a bit higher. Just to understand, is there any large kind of field or sorry, well being written off in this? If you could just name any one or two key wells which were written off.
No, no. There is not much of write-off, but some of the wells where we had a plan to re-enter at some stage, b ut those wells were pending for some longer time. Based on the advice from the audit, we decided to provide impairment provision. As and when a decision is taken for field development, the plan are firm, then we will again take a look on that. This year there is no specific very significant write-off from the wells.
Okay. Thanks a lot, and wish you a very happy Diwali.
Thank you. Happy Diwali.
Thank you.
Happy Diwali.
The next question comes from Varatharajan Sivasankaran from Antique Stock Broking. Please go ahead.
Thanks for the opportunity again, sir. One more update for the Mozambique. How much you have spent so far, and incrementally, what is the CapEx required for you to continue till the commissioning of the two trains?
You see, in this project till date, we have invested about $7 billion, and the project is progressing well. You know this project was under force majeure for about four-year period. Last year, the force majeure was lifted, and activities are going in full stream. Already the completion of about 49% has already been achieved. There were some other issues. The time of the financing was already completed. The sovereign guarantee from Mozambique government has also been approved by their cabinet, and we expect drawdown on the project will start sometime in next month onward. Mozambique is going in full stream now.
If you can provide an update on Sakhalin and the Venezuela as well, sir?
Sakhalin also is doing well. We have already re-entered in that project in December 2025, and since then, we are getting the accounts for that, and those are being consolidated in OVL account and in turn with the consolidated round of ONGC group. This project is also doing very well in terms of the production performance. They are continuously going for additional well drilling, and the average production during first half was 183,000 bbl per day for Sakhalin. So it is almost coming to the same level where it was before the crisis happened in 2022.
Venezuela as well, sir?
Venezuela, you know, we are already under discussion with them. We are there in two projects. This is San Cristobal and PetroCarabobo. San Cristobal, with PDVSA, the national oil company of Venezuela, we are the sole partners. So there the discussion is going on, and we are trying to see a new type of operating arrangement where we will take the operatorship and we will run the project. PetroCarabobo, there are other partners also, like Repsol. So, at partner level and also with the government, discussions are on. We have got necessary approvals and OFAC clearances for this new arrangements.
They are at advanced stage, so I will not be able to share the details of specific provisions of those agreements, b ut we expect in next three to six months' time, those agreements will be in place, and we will be the San Cristobal's sole operator, and in case of PetroCarabobo, joint operators. We are ready to start working on those fields.
That is great. So in case you have a CapEx number finalized already for that, if you can share that, sir. Otherwise, it is fine. Thanks.
You see, at this stage, we will not be able to share any number. Yes, various things are under discussion. But until and unless the agreements are signed, the contours of those agreements, what will be the share of different partners, we will not be able to share the numbers at this stage.
No problem, sir. Thanks a lot.
Thank you, sir. The next question comes from Mahesh Tolani from Goqator. Please go ahead. Mahesh sir, please go ahead with your questions, sir. There is no response. There are no further questions. Now I hand over the floor to Mr. Ravinder Singh Negi for closing comments.
Thank you. Let us say, you please check whether there are some questions or not.
Sir, there is one question from Mr. Bhaskar.
Yeah.
Next question comes from Bhaskar Chakraborty from Jefferies. Please go ahead.
Thank you. I wanted to ask if the 500-odd million dollars of dividend that Venezuela, which was stuck up all these years, have you received that now?
No, no. The situation is there only where it was earlier in terms of dividend and other things. Other thing will be basically, we are still expecting how to enter into operationalizing two projects again. Once those agreements are finalized, then we will be looking at that.
Then you are basically putting more capital toward there without receiving all your dues over the past decade?
You see what is happening in this project, in earlier system, we did not have offtake rights. The crude oil still rights were with the national oil company of Venezuela, and that is why this situation of dividend getting stuck up there has happened. Now, in the new arrangement, we will have offtake rights. We will be operating the project, we will operate the produce, we will sell, and we will discharge various fiscal regime-related responsibilities to the government of Venezuela, and rest will belong to us. So, actually, you see, there are two phases of this project. One is pre-that agreement, and the second is post-that agreement. So, pre we continuously discuss, and we will try to find out how that amount we will settle. It may be part of this arrangement with the new agreement we are signing, or it may be some separate set of agreement.
Or we may get some other deals also. Various options are still under discussion.
You will be able to repatriate your profits under the new arrangement?
We will be able to take produce to wherever we want to take for selling. Obviously, everything belongs to us.
What about the amount that is stuck with Sakhalin, which was there in some Singapore banks, and you were trying to repatriate back to India?
No, generally, no amount was stuck up there. There was another project, then Vankor, our—
Hello?
Dear participants, please stay connected until we connect the management. Welcome back, sir. Please go ahead.
Bhaskar ji, you are there?
Yes, I'm there, sir.
So, I hope you had heard my reply, or should I say again?
No, for Vankor, could you clarify, because your line got disconnected.
We had some dividend related to Vankor project, which was stuck up in Russia, that we have already utilized, and no amount is stuck up in Russia today.
You utilized that to fund your CapEx in Sakhalin?
We had utilized to meet our abandonment fund liability in Sakhalin.
Okay. Just to clarify that all your profits generated in Russia and in Venezuela cannot be repatriated outside of those two countries, as things stand right now.
No, no, I did not say so. As far as Venezuela is concerned—
But have you been able to repatriate any profits from these two geographies till date?
Not yet. But the kind of arrangement we are entering in the new regime, Venezuela, whatever production we will make, we will have offtake right. And through that route, we will be getting our due. And regarding Sakhalin, we got in last year only, December. Year is not yet over. They will declare dividend. And once the dividend will be declared, that dividend we can bring it to India. There is no restriction as of today on repatriation of dividend from Sakhalin project.
Thank you very much.
Thank you, sir. The next question comes from Sabri Hazarika from Emkay Global. Please go ahead.
Yeah, good afternoon. Two questions. Firstly, now that we are at this almost like INR 1 lakh crore operating cash flow run rate annually, so what is the plan of action in terms of this excess cash flow? Whether it would be given in the form of more than 50% dividend payout or put under additional CapEx? What is the thought process?
You see, the CapEx, we have been incurring about $3.5 billion-$4 billion per year, and we plan to continue. At the same time, we are looking out various kind of diversification of our space, so if anything materialize, we will do. Regarding dividend front, generally we pay about 14% or so. So at this stage, we will not be able to say anything more, but we will plan to continue around that level of dividend.
Okay, fair enough. Yeah?
Sabri, if you have seen, we have paid almost record first interim dividend of 160%, that is INR 8.
Right. That is why I was wondering, the interim dividend rate itself was being first interim dividend, it is quite substantial. Is there a thought process of like, I think this is like some sort of windfall income itself that we are earning close to $9,500. Is there a thought process of like rather than building lot of cash? Hello?
We are not seeing that way. We are going to maintain our dividend policy the way we have maintained in the past. There is no change in the dividend policy. Our focus remains in E&P, you are aware.
E&P, we are anchor player in Samudra Manthan project. There also some money will be spent for maintaining our requirement in the Samudra Manthan project.
Got it. Second question is on your key natural gas assets. Can you just give us an update on Daman, what is the current production and what is the outlook for the next one year? Also, whether DSF is on schedule? And also KG-DWN-98/2, you have mentioned it will be 3.5 MMSCMD by FY 2027 end. But is there further upside to it or should 3.54 MMSCMD be the peak? That is all from my side. Thank you so much.
KG-DWN-98/2, yes, towards the end of the year, financial year, we expect to get started and add this 2 million as we have already mentioned. DUDP, about half the wells are done. Most of the few more wells are under drilling, having green monsoon locations. So we expect to start incrementing some volumes over there and then try to stabilize those numbers. And you were mentioning about?
DSF-II.
DSF-II , its construction work in progress. We would assume that we should be able to start getting the volumes at least towards the end of this financial year.
Okay, fair enough. Thank you so much.
Thank you.
Thank you, sir. The next question comes from Kirtan Mehta from Baroda BNP Paribas Mutual Fund. Please go ahead.
Thank you, sir, for the opportunity. In terms of the TSP that we have with BP, while you say that it is difficult to sort of share the result, would it be possible to at least now share what is the baseline decline rate that we are seeing for oil and gas separately in this field? From next year when we start sharing, what sort of the agreement is emerging where, what would be the sharing mechanism that would be in place? You also mentioned that there is also an increase in the Mumbai High production. If we can highlight that number as well, that would be useful. Outside Mumbai High, in our other portfolio, what are the current decline rate that we are seeing?
See, you will accept that these decline rates are usually long-term numbers. It is not that what we see over the last six months, last eight months or so. They are subject to completion of projects and any facilities being under revamp or whatever. The terms of the contract in the TSP 1 and 2 have been frozen under the contract. We will be working out the payouts to them depending upon the actual performance towards the end of the year. It is not based on any temporary up or down situation.
Sure. Would it be possible to share at least the total Mumbai High production levels at this point of time? When we say it has improved, what was it last year and how much improvement is there?
Well, at the starting point when the uptick started to appear, it has actually gone up by approximately around about—
2.1.
Let me put it like this. On a day basis, maybe we had about 7%, 8% incremental on the gas. Let me put it that several things have to stabilize onto a longer term platform timeframe before we can attribute so much to a particular event or to a particular support.
Sure. Outside Mumbai High, what kind of the average long-term decline rate that we are currently observing?
Long-term current rates would depend because we constantly do developmental activities, but natural decline is a phenomena in petroleum and natural gas oil fields. That being the case in point, with the DUDP and other things coming up, we hope to arrest a part of it this time.
These are the new projects. What I am asking is about the existing projects. If we are doing a normal maintenance work, what kind of sort of a decline we will have to continue to observe for next two, three years in the existing field? New projects will offset, will add the production. That I do understand. But what kind of the baseline decline that we are working against? Yes, please. The one where we have taken a space for Mumbai High, where we are planning to arrest the decline. But for rest of the field, I think it will continue at the similar decline rate, and it would be good to have that understanding.
Hello?
Hello.
Hello. Yeah, generally a 5%-8%, 9% is what you would count as an industry standard of decline, because they constitute multiple fields. Somewhere it could be as low as 4%, from another place it can be as high as 9%, depending on the geology, local geology. On an average, you can say 6%-8% is what you could perhaps count as a standard metric around in the industry, which we are also encountering.
Sure. Just one last question on the KG-DWN-98/2. Currently, oil production is at 19 KB per day, and we have sort of encountered the geological challenges. Is there now sort of a path clear from here how to ramp up this production, and what are the steps needed, or will it need some more time before we would be aware about the path to increase production from here?
We are working on that right now. It's definitely a much more complex system than what we had originally envisaged, and that is also a reason why we had a small dip along the time. At this point in time, we are still working on several concepts, and we hope to make the path runway clear on this matter.
Timeline, would you be able to say? When would we have some communication in this regard?
That would be a little hard to guess at this point because several factors are being under study. With more information coming in, we shall have to connect the dots into a trend and then see how to handle this.
You see, KG-DWN-98/2 is a deep-water project, so the resource mobilization takes certain time frame. We are studying the various options, including the cost involved in those well interventions, and based on that, we'll take a view. That process is taking some time, but we are definitely working on how to come back on the KG-DWN-98/2 project.
Sure, sir. Thank you for this clarification.
Thank you.
Thank you, sir. That would be the last question for the day. Now I hand over the floor to Dr. Ravinder Singh Negi for closing comments.
Thank you, madam. With this, we believe we have addressed all the queries raised by our investors and analysts. Should there be any further questions, participants may kindly reach out to our IR cell, and we will be happy to assist. I would like to express my sincere gratitude to Director Finance and Directors, Officers of ONGC for sharing valuable insights and addressing the participants' queries. I also extend my thanks to all our senior colleagues for their participation and support during the call. Most importantly, I would like to thank all our investors, analysts, and participants for joining us today and for their continued interest in ONGC. We appreciate your time and engagement, and we look forward to interacting with you again. Thank you, and have a pleasant day ahead. Happy Diwali. Thank you.
Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Blue Sabah's conference call service. You may disconnect your lines now. Thank you, and have a pleasant evening.