Growth in production volumes will outstrip the impact of moderating oil prices on Oil & Natural Gas Corporation’s (ONGC) earnings in the current fiscal, S&P Global Ratings said in a statement on Friday.
“We estimate the company’s Ebitda at `1 trillion-1.1 trillion over fiscals 2024 and 2025, compared with about `987 billion in fiscal 2023,” the rating agency said about India’s largest oil & gas producer.
ONGC’s operating cash flows will rise over the next 12-24 months thanks to higher production volumes, stable earnings from domestic gas production and the removal of a windfall tax on crude oil, it said.
