Good morning, ladies and gentlemen, I am Madhuri, moderator for the conference call. Welcome to ONGC's Earnings Conference Call for quarter ended 31 December 2025. We have with us today, Shri Vivek Tongaonkar, Director of Finance, ONGC, and team, who will interact with investors and analysts to discuss Q3 earnings. As a reminder, all participants will be in listen-only mode, and there'll be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, please signal an operator by pressing star and then zero on a touchtone phone. Please note that this conference is being recorded. I would now like to hand over the floor to Mr. Shri Vivek Tongaonkar for his opening remarks. Yeah. Good morning. Good morning, ladies and gentlemen. I am Vivek Tongaonkar, Director of Finance, ONGC. I welcome you all to this ONGC earnings call for Q3 financial year 2026. Thank you for joining us. I'm accompanied today by my colleagues from ONGC, Mr. Satish Kumar Dwivedi, he is Chief of Joint Venture and Business Development, Mr. Ajay Kumar Singh, he is our President, Planning and Transformation, Mr. Prakash Joshi from Investor Relations cell, and Mr. Shekhar Mohanty from our Corporate Accounts. We also have our colleagues from ONGC Videsh Limited, Bhishmadev, Mr. Bhishmadev Mandal and Mr. Basant Pasari. ONGC has compiled its financial results for the quarter and 9 months ended 31 December 2025. The results were released on the 12 of February 2026, through a press note and shared with the stock exchanges and analysts. I'll now present the highlights of our performance. ONGC's standalone crude oil production continues to show growth momentum. During Q3 FY 2026, production stood at 4.592 million metric tons, while the cumulative output for nine months, FY 2026, reached 13.907 million metric tons. This reflects a modest increase of 0.35% over the nine-month FY 2025. Standalone natural gas production in Q3 FY 2026 registered an upward trend on year-on-year basis. This highlights ONGC operational resilience. This improvement comes alongside the company's success in arresting the earlier trend of degrowth, with cumulative output for nine-month FY 2026 remaining steady, thereby reinforcing stability in the gas portfolio. During this nine-month period of FY 2026, revenue from New Well Gas crossed INR 5,000 crore. This delivered an additional INR 944 crore compared to the APM gas price, reflecting the premium eligibility of New Well Gas. Notably, now the New Well Gas contributes over 18% of ONGC's total gas sales revenue, underscoring its growing significance in the company's portfolio. ONGC is actively working towards boosting the performance from new gas wells. ONGC board has declared a second interim dividend of 125%, amounting to INR 6.25 per equity share of INR 5 face value. This translates into a payout of INR 7,863 crore, on top of the first interim dividend of INR 6 per share, that is 120%, announced in November 2025. With these two payouts, ONGC has achieved a historic milestone. This is its highest ever cumulative interim dividend of INR 15,411 crore in a single financial year, underscoring our commitment to shareholder value. With regard to KG-DWN-98/2, as you are aware, so far, all the 26 wells have been drilled. I'm happy to share that as per the latest update, SURF, that is, Subsea Umbilicals, Risers and Flow Lines, and the Subsea Production System, SPS, these works are nearing completion. The central processing platform, together with the bridge-connected living quarters and utility platform, have been fully installed. In January 2026, the main support frame, the living quarter module, was successfully pinned down on the LQ UP jacket, followed by the installation of the living quarter unit, helideck and associated structures in February 2026. So this series of completions represents a decisive push to a forward, reinforcing our confidence in unlocking the full potential of this strategic asset. Coming to Mumbai High Field, the TSP-1 is already showing encouraging production gains. Additionally, Daman Upside Project, Daman Upside Development Project in Western Offshore is also on track to be monetized soon, with a peak gas output expected at 4-5 MMSCMD. ONGC also has a robust pipeline of over 20 major development, redevelopment, and infrastructure revamp projects under execution, with a total combined CapEx of about INR 77,000 crore. These projects are designed to augment production, sharpen operational efficiency, which will ensure sustained growth. Importantly, four key infrastructure and revamp projects are slated for near-term completion. Recognizing the volatility in global crude prices and the need to sustain profitability in a competitive environment, ONGC has already adopted a structured enterprise-wide approach to efficiency and value creation. A dedicated cost council has identified multiple areas where structural improvements can deliver long-term benefits. Key focus areas where progress is there include inventory rationalization, fuel efficiency, logistics optimization, manpower restructuring, and integration of renewable energy into operations. We now come to financials. At the consolidated level, net profit grew by 23%, both on a quarterly and nine-month basis. It was INR 11,946 crore in Q3, financial year 2026, up from INR 9,747 crore in Q3, financial year 2025. For the nine months, financial year 2026, the figure was INR 36,115 crore, compared to INR 29,364 crore for the previous year's nine months. This increase in profit can mainly be attributed to our subsidiaries, HPCL and MRPL. Net profit for Q3, financial year 2026, was INR 8,372 crore, up 1.6%, compared to INR 8,240 crore in Q3, financial year 2025. For the nine months, financial year 2026, standalone net profit was at INR 26,244 crore, against INR 29,162 crore in the same period previous year. The increase in net profit during Q3, financial year 2026, is on account of contribution from gas revenue, higher other income, and lower statutory levies. One point to note is that in spite of the decline in crude oil prices, ONGC's net profit at both standalone and consolidated level, has been upwards. Sales revenue in Q3 FY 2026 declined primarily due to INR 2,145 crore drop in crude oil revenue, and a INR 710 crore reduction in value-added products, which was partly offset by increase of INR 505 crore in natural gas revenue compared to the same quarter last year. Crude oil prices have declined to $61.63 per barrel in Q3, financial year 2026, from $72.5 per barrel in Q3, financial year 2025, which adversely impacted our revenues. Crude oil and value-added products declined due to lower price realization, which was offset by an increase in natural gas quantity and price, resulting in a net decrease. The rise in gas revenue was driven by incremental revenue of INR 294 crore from New Well Gas sales during Q3 financial year 2026, and incremental revenue of INR 944 crore for the nine-month period. During Q3 financial year 2026, statutory levies stood at INR 5,975 crore, down from INR 6,630 crore in Q3 financial year 2025, which was a reduction of INR 65 5 crore, that is, 9.9%. This decline is primarily attributable to lower royalty and CEPF, driven by the decrease in average crude oil price. Operating expenditure in the third quarter of financial year 2026 stood at INR 7,151 crore, compared to INR 6,560 crore in the same quarter last year, which was an increase of 9%. This rise is primarily attributable to our Dahej plant, where LNG consumption grew significantly from 7.68 million MMBtu in Q3, financial year 2025, to 11.331 million MMBtu in Q3, financial year 2026. Also, there has been an increase in GST on oil services from 12% to 18%, and we have worked diligently to keep our operational costs flat through disciplined cost management, even in this challenging fiscal environment. There is a decrease of INR 168 crore, that is, 2.5% in DD&A cost, which was INR 6,778 crores in Q3, financial year 2025, to INR 6,610 crore in financial year Q3, financial year 2026. This is mainly on account of impairment reversal of INR 224 crores during the quarter, compared to a small impairment loss of INR 4 crores in Q3 2025. With this strong operational execution, strategic progress, and resilient financial performance, ONGC continues to reinforce its contribution in India's energy sector by working towards production growth. With this, I conclude my briefing on the third quarter results for financial year 2025-2026. We are now happy to take questions and answer them. 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. First question comes from Probal Sen, from ICICI Securities. Please go ahead. Very good morning, sir. Thank you for the opportunity. I hope I'm audible. Yes, yes. Sir, on the KG 98/2, thank you for updating us on the progress of the associated infrastructure. But just wanted to understand now, how are we looking at FY 2027 in terms of gas production ramp-up? Can you share some numbers of where we expect production to be, maybe at the exit of FY 2027 or over the, over the year, what kind of average output we expect now? That was my first question. So, yeah, your question is for KG 98/2 only? Yes, as of now. Specifically. Yeah. Yeah. So, for KG 98/2, as I have mentioned, we have already installed all the outstanding modules that were pending and we, which had held up the production of gas till now. All those works have installation of those modules has completed. Currently, we are in the process of picking them up, and the commissioning, et cetera, would take place. Subsequent to that, the wells would be hooked up to these platforms, and they would start to flow. So we expect that the gas flow from these wells should start from the next quarter, which is from April to June onwards, and the gas would be ramped up. Coming towards the end of financial year 2027, we would expect that this gas quantum should increase to 5-6 MMSCMD. Got it. And, and so the peak guidance continues to remain at around 7-8? Yes. Which will happen sometime in 20. It remains around. Yes, it continues to remain in that range. Okay. And oil production, sir, is already at around the level that we, I mean, it is at around 25,000-30,000, sir, as of now? It is around those levels. Once all these works are completed, we do expect that the oil production also should stabilize and we should have certain additional production coming up. The peak there was guided to around 40,000 barrels, sir. Is that correct? Yeah, 35,000-40,000, we had mentioned. 35,000-40,000, we had mentioned. Okay. All right, sir. The second question was with respect to, sir, OPaL. Can you just share some numbers in terms of how OPaL's performance has been in this quarter, and any guidance you can share about 2025? So for OPaL, it has now stabilized. Operations are going on well. We have been performing. They have been operating at more than 90% of that capacity. Mm-hmm. They have also the average capacity utilization in Q3 was. Nine months. For nine months was 92%. Okay. Revenue from operations was INR 11,000+ crore. Any EBITDA numbers that can be shared? Yeah, EBITDA was. 9 months, INR 353. INR 353 for the 9-month period. The INR 11,000 crore was also for the nine-month period, right? Yeah. Yes. So after all the, right. This is for nine. Just to follow. No, Probal, just one correction. Yes. INR 11,000 was for previous year. For this year, it was INR 9,790. INR 9,790 crore was the revenue, and INR 350 crore odd was the EBITDA for the nine-month period. Right, sir? Yeah. Yes. Yes, correct. So, right. Just wanted a small follow-up here. After all the cleanup that has happened, in terms of the debt and conversion to equity, what is the net debt now that is still sitting on OPaL's books, as of now? It is around INR 23,000 crore-INR 24,000 crore. So is there any other measures that we are looking to do, sir? Or now we expect that the profitability is good enough to service the interest cost, which again, probably, you know, would still be a few, you know, around INR 1,000-1,200 crore on the books. No, as far as the profitability is concerned, we do expect that the profitability should increase because the capacity utilization should also move up from now onwards, now that everything has been stabilized. Even the petrochemical prices have started to move up, and, therefore, in the future, for 2027, we expect that the performance should be much, should be more positive than this previous year, than this current year. We don't expect to have to infuse any more capital into this as of now, sir, in the near term? No, no, no. We are not expecting anything on that. One last housekeeping question, sir. Any CapEx guidance and, production guidance for FY 2027 overall, you can share? So broadly, ONGC will continue to have that CapEx of INR 32,000-INR 33,000. The first would remain on exploration as such, production as such. And, for production also, we'll just give you those figures. Sure. Production for this year? Next year. Yeah, next year we'll be producing. We are targeting to produce total oil and gas is 42.5 million tons. Sorry, sir, I could not get. Is that 42.5 million tons? Oil and oil equivalent, including oil and gas put together, 42.5 million tons. For FY 2027, this is standalone numbers, right? Or including JV. It's standalone production. Perfect. Thank you, sir, for the detailed answers. I'll come back again. All done. Yeah. Thank you. Thank you, sir. The next question comes from Varatharajan Sivasankaran from Antique Limited. Please go ahead. Thanks for the opportunity, sir. If you can give some idea about the discoveries during the nine months and any reserve accretion which you can actually put a number to? So reserve accretion figures, we would be able to give on the yearly basis only. We normally do that on a yearly basis. We have had discoveries during this nine-month period. If you want the total number of discoveries, we will give that separately. Prakash would be able to give it to you separately. We have been reporting it. Sure. On a basis as such. Sure. Any update on the OVL, especially Venezuela, Sakhalin, and Mozambique? So on Mozambique, the force majeure has been lifted. Already work has started on ground over there. Work has started full-fledged over there on ground, so it is on track to start production from 2028 onwards, LNG production from 2028 onwards. Venezuela, we are waiting. Any good with the CapEx, sir? CapEx is same. There is no further increase on the CapEx now. Okay. Another, on Venezuela. Sorry? On Venezuela. Yes. On Venezuela, we understand that the U.S. government is progressively lifting sanctions or is in the progress of liberalizing the trade from Venezuela and maybe allow other countries also, companies also, to start operations over there. We are awaiting on those instructions as such, but the movement is in the positive direction, and we are hopeful that we should be in a position to restart our operations once the on ground and U.S. sanctions get lifted totally. Sakhalin, there is no. Money due to us, sir, from there, from Venezuela? Money due to $ 500? $550 million. $550 million. Thank you. That is the dividend that. For Sakhalin, Sakhalin, we continue to move ahead, along with the Russian government also, and with the help of the Russian and the Indian government, we are moving ahead. We have been advised that our share of equity has been secured in that company, so, which is a very positive step as far as ONGC OVL are concerned. And we are hopeful that, during this coming year, we should be in a position to have a share of our held up dividends, et cetera. So operations should continue. And, and. Otherwise, the operations continuing. Operations continue to happen over there in Sakhalin. So production is happening over there, so that is not an issue for, as far as the production part, operational part is concerned. There will be no change in the shareholding part. What we were holding, it will continue now? You want to. Yes. There is no change. It would continue to be 20% off. One last thing about this production targets, which you gave. You can give us a breakup of oil and gas separately as well, and the possibly affect 2028 onwards? Yeah. Yes, sir. Yeah, this oil we are planning to produce near about 21 million tons, and gas is 21.5 million tons. This is a breakup between oil and gas. Total put together, 42.5 million. And we plan to increase the production more than what we are planning for 2026, 2027. We are positive on that, and we'll be more than before. Thanks. Thank you. Thank you, sir. The next question comes from Mayank Maheshwari from Morgan Stanley. Please go ahead. Thank you for the call, sir. On the production side, can you just give a bit of, details around what's going on for the rest of the blocks, apart from KG, on production ramp? As well as I think we are still seeing a consistent challenges, especially on the JV side, on gas, from a production perspective as well. So what's going on there as well? If you can give us a bit of a idea of what are you expecting for this, for fiscal 2027 around production. Yeah. Production figures he wants. Morning, Mayank. Just hold on. We have production in the MH Field. Already we have engaged the TSP, that Technical Service Provider, BP, and they already started giving the advice. And we have planned a number of wells to be drilled as, and as identified jointly by ONGC and BP. And we are seeing the positive output from that area, so that is giving stability to our ONGC production. Similarly, for Neelam-Heera, and BNSS asset, oil production are more or less steady is there. So it is giving desired production what we envisage. And similarly, for onshore, Ankleshwar, Ahmedabad, and Mehsana asset, they are there we are drilling a number of wells as targeted, and there also production is stabilized. So as such, we are very confident of achieving the target, set for this year and as well as for next year, 2026, 2027. So Mayank, additionally, as DUDP project, which is Daman Upside Project, is on track, we have already, confident that, in the next quarter, gas should start flowing from this, This quarter. Sorry, from March itself, this would start flowing. Gas would start flowing from that project. DSF project comes up for the next year, last quarter. So that is also on track. So these are the two projects which are going on well and would provide upside, immediate upside, apart from that KG Basin new gas, which is about to come up. Oh, thank you, Sir. I think the company on BP technical support that you have got. Can you give us. Yes. A little more details around how much have you been able to kind of arrest the decline? What is going on there, and what are the positive outcomes that you have seen around that? Yeah. So the decline has been, we can say, if I will stick my neck out and say that it has been arrested because it is too early days. But yes, we have seen an uptick coming up. If the production that we are getting from MH field, where we have TSP or BP working with us, is higher than the, it is about more than 100% that we had what we had envisaged. So that production uptick has started to happen, and we expect that this should improve over the coming quarters. So BP's contribution has helped us increase oil and gas from both MH, from both from the MH field. And it has been, MH field has given us about Seven percent. Nearly 7% higher, MH field only. I'm not talking about basin onshore. 7% higher than what we were expecting. Two, three. In this Q3 quarter than what we were expecting earlier on. So it has been a positive play as far as we are concerned. Is it fair to say that MH Field, where you had 8%-10% decline rates, is now only 2%-3%? Is that the right way of thinking? It is becoming positive. Okay. So by the quarter end, I would be in a better position to give you the figures, percentage-wise and all that, but it is already turned positive. Got it. And so the second question was related to costs. You emphasized on how you are trying to control costs, and then I think previously the CMD had talked about that as well. So in terms of targets that you had given earlier on cost controls, how much of that has been, you have been able to kind of get to, and what you think will get achieved in fiscal 2027? So, those targets have not been met because the year is not yet closed, or the period that we are talking about has not yet completed, but we are on track to do that. We have reduced our inventories. We have also taken structural steps to reduce costs in the long run. We have also started off with Pipavav Port operations, which reduces our logistics cost as far as the deployments are concerned for the northern part of Mumbai High Fields. We have also optimized on the diesel consumptions, and actions have been taken over there. We have been taking action on reduction in our costs as far as manpower or security is concerned. So those things have already started to translate into savings, which would be reflected in the annual figures as such. We are also transitioning to renewable energy power, our own generated power or green power that we will be using, which will reduce our power bills also. So all these are on track, and results should get reflected in this annual or this last quarter onwards, further on. Got it, sir. Thank you. Very helpful. If you see, in spite of the crude prices going down very substantially, we have been able to report positive figures, both for the third quarter as well as for the nine-month period. Yes. Thank you, sir. Very helpful. Next question comes from Sabri Hazarika, from Emkay Capital. Please go ahead. Yeah, good morning. I have few questions. First one is, there has been some decline on the share of New Well Gas from 21% to 18%, as per your press release. Is it, I mean, can you explain, give more color on that? 21%-18%? I mean, what you mentioned in the press release. Huh. Just one sec. Sabri, just hold on. Yeah. Your point was that it has gone down from 21% to 18%. Yeah. I mean, what you mentioned in the press release, sir. You have mentioned 18% on April. So 18% is, Sabri, on the basis of nine-month production, what it is, huh, vis-à-vis is. No, 18 and 21 is on revenue basis. Revenue basis. Not quantity basis. So revenue to, gas price, revenue Okay. Revenue. No, he's talking about quantity. Quantity. So, Sabri, what I was referring was that 21% was on the six-monthly basis. Now, if you consider that nine-month production, on that basis, it is 18%. Okay, and it is also on revenue. I have seen this, so it's fine, I think. Yeah. It's on revenue also. Quantity. Yeah, yeah, quantity. Yeah, second question is, on this, I think the Director of Production in the India Energy Week mentioned some figures, 4,000 barrels per day of incremental production from this BP, TSP. Could you clarify this? Yeah, it is too early to actually quantify. So as I mentioned earlier to an earlier reply, that we have already seen positive results for MHS, MH field, because of the TSP. The quantification, final quantification of which we will be in a position to give you at the end of this year or during the annual figures as such. But yes, there has been a positive development in Mumbai High Field, both for oil as well as gas. Got it, sir. Third small question: What are the nine months CapEx spend on CapEx for the company? We have spent around INR 24,000 crore. INR 24,400 crore. Right, sir. And sir, last question, is I think it's a regulatory question. So, we have seen that, in the ORD Amendment, a lot has been stated about fiscal stability and all, but the government basically raised the GST in the budget sharply, and there is no input tax credit also. So is there any relief that the company can seek based on the ORD Amendment, or just accept it for now? As far as this GST increase is concerned, we have looked, we are, we don't think it would be possible for us to get that any relief as under that ORD Act as such, because GST Act is particularly for all the goods, it's not necessarily for only oil and gas sectors. Okay, anything related to M/o P&G could be like, that relief could be sought, but this is coming from financial. There was no price increases and all those things, what was happening earlier on, on Assam, those things would not happen. There would, there would not be no ad hoc subsidy or import tax or something like that. Got it, sir. Got it. Thank you so much, and all the best. Thank you, sir. The next question comes from Gagan Dixit, from Elara Securities. Please go ahead. Yeah, thanks for taking my question. I have the question on this Daman Upside Development Project. So what is the expected gas contribution in FY 2027? 4-5 MMSCMD. Okay. So full number that we expect in FY 2027. Okay, sir. And. Yes, yes. Because all our project is on schedule. Drilling also is already being done. Already some wells would get hooked up immediately. So we are, from March itself, we will have gas coming up in phases. Okay, sir. My second question is: You mentioned four major infrastructure projects that are nearing completion. So which are these and what is the incremental production that they unlock over the time, sir? So the projects which were mentioned, basically, those, those were mainly, one was Daman, what we were talking about, which we, already sir has spoken. The rest of the projects were infrastructure projects, what we are referring to. Okay, okay. Yeah, that, that's from me. Daman, actually, if you see, it's already completed around 94%. Okay, okay, sir. Yeah. Yeah, that's, that's from my side. Thanks. Next question comes from Viveka nand S., from Ambit Capital. Please go ahead. Yeah, thank you for the opportunity. So my first question is on the investments outside of E&P. So you, you had invested in our renewables, and you had highlighted targets for 2030 in terms of the gigawattage output that you expect from renewables. Can you give us an update on that and the CapEx commitment for FY 2027, 2028 each year? I believe your CapEx guidance is only for standalone. If you can help us with this number, that's question one. I'll ask the next one after this. Okay. For ONGC renewables, it continues to be on track for. It is producing electricity from wind farm and solar projects, which are there already. The projects under execution continue to be executed. They should be completed within this coming financial year. As far as the additions to or the targets that we had been given for 2030, yes, those stand at 10 GW, stands for 2030, and towards that end, we are already looking at projects which we could acquire. There is one project which we are setting up, 300 GW, 300. Megawatt. Megawatt project, solar project that we would be setting up as a greenfield on our own, ONGC as of, as of now. So our targets remain in place, and we continue to be on, more or less on schedule for this thing. Would you like to add anything? Okay. It's okay. Any specific question we can try? Yeah. That's it, Vivek. Anything further you want? So, is there any CapEx guidance you want to provide for FY 2027 and 2028, as far as renewable investments? These targets would be these for this renewable. It would be more of whenever we get opportunity, we would be making those acquisitions or taking over those projects. We have not kept a target, but we are open to for up to 10 gigawatts. We will be working on that. CapEx is not a problem for us. Okay. The next question is on the petrochemical investment plans. So you had been in talks to set up a greenfield refinery in Prayagraj, in UP. And, more recently, I think, Chairman sir also commented about the petrochemical story in the India Energy Week. Any concrete plans or any thoughts that you want to share here with respect to the negotiations for the Prayagraj land parcel, the investment outlay that you are planning and any timelines? Thank you. We are already working on the various, various projects we are contemplating and working with the partners. But still, as of now, no concrete plan has been declared. As regards to Prayagraj, there is a land parcel available with BPCL. So we are in the talks with BPCL and with the UP government. The plans are being worked out, techno-economics are being worked out, but, but no firm plan as of now. Okay. Thank you, and all the best. Thank you. Dear participants, if you have any questions, please press star and one on your telephone keypad. Next question comes from Saket Kapoor, from Kapoor & Co. Please go ahead. Yeah. Namaskar, sir. Hope I'm audible? Yes, please. Yes, yes. yes. Yes, sir. Sir, the question is pertaining to the CapEx part from the PSU. When we are looking at your ancillary companies, suppose a pipe manufacturer, the seamless pipes and/or the drill pipe, or the rig prices, everywhere we have seen softness. And also, when we look at our historical data, there are quarters post the December, when there is a lot of supply-demand being generated from the existing fields in terms of the pipe orders being tendered. So that has not been the case for the current year. So can you give us some outlook on your spending or your investment on the pipes for the rigs for the wells which are already in output? Just improve the output there. Yeah. Management? Yeah. So our CapEx program is on track. As we have already mentioned, we continue to have CapEx of INR 32 odd thousand crore for our company. And, as far as our ordering, et cetera, is concerned, it is on track for meeting our CapEx as such. So we are not in a position to comment upon what about the other companies are concerned. Right, sir. But when we hear the output part, the oil output from the country and all, are on declining trend also. Correct me there, if my statement is incorrect. So going forward, what should be the output guidance from the management in terms of the existing oil field and also in the which are in the exploratory stage? As we have already mentioned earlier on, 42 million-42.5 million metric tonnes is the oil and gas equivalent that we are targeting for this coming financial year. Thanks, sir. So I join the queue. Thank you. Thank you. The next question comes from Vikas Jain, from CLSA India. Please go ahead. Hi, sir. Thanks for taking my questions. I just wanted a little bit. Yeah, good morning. Morning. Hi. Sir, just a little bit more details on each of these production projects and where they would take us if we try and visualize quarter by quarter or half by half. So KG 98, you said production should start flowing in a couple of months, say starting April to June, that quarter. Yeah. The ramp up, the incremental 5-6, we, I think we are already at about 2 MMSCMD or so. So the incremental 5-6 will take 3-4 quarters? Is that what you said? Yeah, well, I said from April till April we will be doing this ramp up, et cetera, and subsequently it should start coming up to 3-5 MMSCMD, additional. Okay, additional fo.rth quarter, yeah, is what- Yeah. Yes, yes, yes. Okay. Okay, and Daman, you said the start will happen in March, and it will ramp up to the 4-5 very quickly, I mean, within a couple of months itself, is that the likelihood over there? In the quarter, it should happen. July quarter, it should definitely be there. Okay. So all in all, put together, say sometime between December and March of December 2026 and March 2027. So say by July quarter, we'll have an extra 4-5 from Daman. 1-2 from, you know, about a 2, 1 or 2 from KG-D6 by July, by June, July. And then by somewhere by the fourth quarter, we could have a total of incremental 10 MMSCMD from these projects, right? Yeah, because by that time, Vikas ji, our TSP would be also there. Huh, so more positive things. Correct. Yeah, so more positive things, we can expect. Yeah, what you are understanding, Vikas, is broadly in line. Yeah. And, sir, MH field coming back, or I just wanted to maybe I was thinking very quantitatively. When you people were saying that it has turned positive to the question that what is the decline rate, is it that you've been able to arrest the decline as compared to the earlier rate of over 7%-8% decline of the MH field? Is that what you mean by it has turned positive, or it is just that the decline rate has reduced? Because maybe I was thinking too quantitatively about the positive or not. No, positive is positive in the sense that it is the decline has been arrested. There has been an addition to that, but figures we'll give you at the end of the year. Okay. And so just to understand, so this field was declining at over, left to itself, about 6%, you know, 6%-7% every year or more. Was that the case? So broadly, what happens is you estimate a decline because you can't project how much the field will decline over a 10-year period. So broadly, it was being said that this is declining from 6%-8% annual basis. That is what we were expecting this field to decline, and accordingly, had looked at, looked for getting measures to arrest that decline. There was a, a profile which was agreed to between, BP and ONGC, that this would be the base profile if we do nothing case, sort of. Sure. This is how the production would decline, and now we are getting production. So BP is actually to give us production beyond that decline. What they have committed is 10 million metric tons over a period of- Ten years. Ten years. Okay, okay. So that, so you can say that the early gains have already started because versus your projected, you know, production levels, we are doing better. Yes. So if you remember, I have been saying for the last two quarters that we are expecting BP or the TSP to give us positive results from the fourth quarter of this financial year, which we are already seeing it. Sure. For the year-end, I think we should be in a position to give you those figures also. Sure. And New Well Gas, if not talking about nine months, not talking about six months, but if I were to look at the exit rate right now, and maybe whenever the next recognition of incremental production is, say, April or somewhere, that New Well Gas, would be what share of output, say, by from around April, as per your best guess? So we would expect that every year or every quarter, this percentage of New Well Gas should increase, because what happens is, for the existing fields, we would be working over the existing wells. If they stop, we will work over them, or we will be doing certain other jobs, which would increase the production of the existing wells and the fields. So that becomes the New Well Gas. What we are expecting is that, we should have an increase in 2027. Now, we are at 18%, we should increase up to 24% or something like that. 24% percent. Sorry, 24% from April onwards? New Well Gas. Yeah, New Well Gas. No, for the year. Okay, for the year. Okay. It will not. Over the next 3, 4 quarters, you said. Yeah. And, uh. Obviously, at 18%. Sure. Sure, sir. Understood. And, sir, just to get a confirmation on the pricing, KG 98/2 will, of course, be HPHT, and Daman will be, what price? NWG. NWG pricing. Yeah. Okay. Yeah. Thank you so much, sir. Those were all my questions. Hello? Hello. Hello. The next question comes from Kirtan Mehta, from Baroda BNP Paribas. Please go ahead. Thank you, sir, for the opportunity. In our target for FY 2027 at 42.5 million ton, what are we assuming about the BP at this point of time? Is it a continuing decline or a zero decline for FY 2027? What is my. Sorry, I might have question. I was asking in terms of the Mumbai High production field, what is our assumption for FY 2027, when we have shared in our target 42.5 million tonnes? So for the 42.5 million ton, we have not considered any contribution from this TSP project. That would be an upside. When we were setting that target. That is upside, upside. Yes, it would be an upside. Sure. In terms of the BP TSP, would you be also able to share the number of wells that we plan to drill, and what would be the investment during FY 2027? No, as of now, no. But, because that is still work in progress, what we are doing. Once that gets finalized, then only we will be in a position to communicate about the details about the same, which we should most likely, maybe in the annual results, we would be able to tell you. That's why I said the figures also, we would be able to tell you around that time. Sure. In terms of the value creation that we are approaching, would we be able to give more color on what kind of numbers we can achieve during FY 2027? For the production figures, are you asking me? Efficiency and value creation bucket that we have spoken about. On the cost control? Cost control, yes, sir. We are targeting that we should be reducing our costs by around INR 1,000 crore by the various measures that we have undertaken now. This is additional INR 1,000 crore target over and above the measures that has been undertaken during FY 2026. Is that the right image? It is a continuation of those measures that we have taken in. Sure, sir. Thank you. Thank you. The next question comes from Ramesh, an individual investor. Please go ahead. Thank you. So if you were to look at your New Well Gas, I understand that it's going up from 18%-24%, right? In terms of the share of overall gas production. So you will get the incremental upside in the gas price on to the additional 6% on a weighted average basis, right, on your New Well Gas. Is that the right way to understand that? There would be an increase in the percentage of this New Well Gas as a percentage of the total quantum of gas produced. Yeah. Another thing from the nomination fields. Another thing. Yeah. Is that the price that we get would be 20% higher than the price that is given to the APM gas. Yeah. Yeah. The pricing I understand. So basically, in terms of the growth for next year, you're expecting the share of your New Well Gas to go from 18%-24%. On that additional 6%, you will get the market-based price, based on the, on the 20% higher price, right? That's the way to look at that, right? The market-based price, it will be getting up to that 12% of the slope, by Indian, Yeah. True, plus. Okay. And if you look at beyond 2027, is there any further increase possible in the share of the New Well Gas total? Yeah. Normally, what we are expecting that every year we should have additional incremental gas, New Well Gas, coming up from this nomination fields. Even if we maintain the production, we will. Even if we maintain the production, we will have an uptick of around 7% or so. And in addition to that, let me tell you, currently, it is at $6.75. From April first, that ceiling will also go up by $0.25, which will be at $7. Okay. Okay. The second thought is, if you look at your segment numbers, the petrochemical loss has come down. So, if you have any line of sight in terms of when you would be able to report a positive number for the segment results from the petrochemical segment, given the kind of efforts you have put into, you know, restructure the feedstock and improve the product mix, when do you see that happen? With this petrochemical prices moving up and with the other costs under control, we are quite hopeful that we'll continue to be EBITDA positive for the full year next year, and hopefully, we should be turning the corner also. Would that be visible from the first quarter itself, or more likely from second half? EBITDA positive, we are already EBITDA positive currently also. Okay. So we can, we will continue to do that. Whether we turn the corner in the next quarter or the next year or subsequent, that would depend, partly also on the petrochemical prices as such. Okay. So one last thought, if I might squeeze in. On the ethane sourcing arrangement you have with the ethane ship and the agreement with Petronet LNG. So, I know you can't possibly get into the commercial terms, but in terms of the ethane sourcing, are you in a position to confidently have a line of sight in terms of the quantities you want? And what would be the, you know, pricing mechanism for that? Would you import it on a CIF basis because you have the ship, or how would you go about, you know, fixing the commercial terms and, because that would have a, an impact on the economics of using ethane for your petrochemical production. Broadly, in terms of the availability of the required quantities, what proportion of the naphtha you can replace, and what would be the broad approach to the pricing? Well, let me come back to you. See, the OPaL plant uses basically two feedstock, 60% naphtha, 40% ethane. So we are trying to engage this 40% ethane beyond 2028. Terminal part has been fixed. Fixed shipping arrangements have been made, and we are in the process of fixing up the sourcing issue. So the quantity would be of the order of 600 KTPA. Pricing and all, we will declare at a later date. Okay, thank you very much. Wish you all the best. Thank you. The next, follow-up question comes from Saket Kapoor, from Kapoor & Co. Please go ahead. Yes. Namaskar, sir. Hello? Yes, please. Yes, sir. Sir, just I'm referring to two new discoveries for Suryamani and Vajramani. So where are we said in terms of the exploration activities and also for the Mahanadi basin, sir? I think so some discoveries were made in the MN-DWHP- 2018 block. And so secondly, we had some tie-up with the BP ke saath kiya tha, jisse jo old hamari oil fields hai, usse hum apni yield improve karenge ya jo aapka substrate well mein hai, usko bahar nikalne ki baat thi. So wo venture abhi kaisa progress kar raha hai? Uspe abhi humne kya CapEx kiya hai, yadi uspe kuch jankari dete. So aapka doosra prashna pehle uska jawab deta hoon. BP ke saath jo humne ye sahyog kiya tha, uska abhi humein fal dikhane lage hain. Jaise maine kuch der pehle hi bola tha ki iska jo mulyankan hoga, wo hum iss saal ke ant tak kar payenge, aur uske baad hi usko sabko bata payenge. But abhi tak ke jo humein mile hain, wo bahut hi achhe aur positive hain. Coming to your first question on Suryamani and Vajramani, we will have. Yeah, sir, regarding this Vajramani and Suryamani, the oil potential we have analyzed, and, being a marginal field, we are evaluating various options, including new way of installing the platforms, which becomes techno-commercially viable. Kahan pe hai wo? Kahan pe? It is, it is in the West Coast. Both are in the West Coast one. So the Suryamani and Vajramani are both in the western offshore part of our field. Regarding Mahanadi Basin, what was your question? That, what is the discovery as such? Yes, sir, discovery as such, and when are we trying to explore kitna CapEx karenge isko? So, discovery or the development part of it will take some time. We are currently doing that, development plans are being made up. We once those are finalized, we will be in a position to indicate how much is the cost or the CapEx that we will be incurring for these discoveries to be developed fully. These are still in the preliminary stage, and maybe in the next year, we will be in a position to have our CapEx plans formed up. Okay. We have to drill some petrol wells, et cetera. So all those things would be finalized, and then accordingly, we'll prepare the development plans. Sir, in my previous question also, I have inquired about what kind of order tendering we have done in terms of, especially the seamless pipe segment. If you can give me comparable numbers for the current financial year with the previous year, and for going ahead, what has been outlined in terms of CapEx that will be attributable to this category? I think these are consumables for us, if you could just brief on the same. Sir, as of now, I would not be in a position to give you those figures offhand as such, because normally an analyst call will give you all details about what are the major plans, et cetera. So we restrict, we don't have those details with us. We will have to get all those things. Okay, sir. I thank you then. Okay. The next question comes from Viveka nand S. from Ambit Capital. Please go ahead. Sir, thank you for the follow-up opportunity. So as far as OVL is concerned, can you give us an update on the dividends that you expect from there? And any status on the money that you should have by now repatriated to India, what is the status of that, given the geopolitical tensions? I believe there was some money that was stuck there. That is question one. And the second one, if you could repeat the update on the New Well Gas revenue contribution. I think Sabri had asked earlier that you had mentioned in the ONGC results that the revenue contribution was 21%, but in nine months, the revenue contribution declined to 18%, suggesting meaningful fall in New Well Gas revenue contribution. Yeah, those are my two questions. Thank you. Okay. Just, just hold on. Just hold on. Vivekanandaji, we do have Mr. Rajarshi Gupta, who is MD of ONGC Videsh, so he would respond to your query. A very good morning to all of you. The question was asked earlier, and as we said, that, our interest in the Sakhalin-I project is, secured, and, we are in the project, the productions, and operations are normal. Our, some, the standard dividends of Vankor from the other field, which we were there, that has also been, utilized for our internal resources, so we are, okay in that part of the world, and, it's now, more or less normal. Yes, the geopolitical tensions are going on, but we do hope that there will be a resolution sooner than later. Regarding NWG, just give me a minute. NWG is 5,028 out of. So what was mentioned earlier was, as was already clarified, I think, that key, it was on the H1, the 21% was on the H1 figure, and this 18% is on the nine-month figure. So for the H1, we had about INR 3,352 crore to be precise, as the New Well Gas revenue, upon a total revenue of INR 15,000-odd, which comes out to around 20%-21%. Whereas in this case, in the ninr months, it is INR 5,000+ crore of New Well Gas upon a gas sales of INR 23,000-odd, INR 24,000-odd, which comes out to 18%. So there has been incremental addition to the New Well Gas, but as a percentage of the total gas revenue, it has, the percentage has come down. It is more of statistics than anything, but it moves upwards. Right, sir. Why has it come down? So There's a difference in the gas price. Yeah. U.S. gas price and the quantum of other gas, et cetera. Baki, Vivekananda, we will just put out that NWG, gas sales figure also, so that that should help you out to work out. Okay? Yes, yes. I think that would be more helpful because I think some might be related to HPHT contribution, maybe higher. Yeah, that, that's also there. It is possible. Yeah. But yes, it would be great if you can put that number out. That is how it is. Yeah. Okay. Thank you so much. Okay. Thank you. The next question comes from Somaiah V. from Avendus Spark. Please go ahead. Yeah, thanks for the opportunity, sir. Sir, the question is on the production outlook for FY 2027, the growth that we are building on a year-over-year basis. So if you could just help us with, one, what is the natural decline rate that gets built in? Two, in terms of projects, Daman and KG Basin are the two major ones that we are factoring in for growth. Sir, we've already mentioned these things. I repeat it. For KG, we have already mentioned that all our modules have been installed, and now we are doing the hookup, commissioning, et cetera, will be carried out. And from this next year onwards, we should have the gas flow coming up, and we would have 4-5 MMSCMD from KG Basin in the next year. For Daman upside also, we have mentioned that our wells have been drilled. We are in the process of drilling. We are in process of doing the jacket and well platform installation, et cetera. We are expecting first gas to come in from this March itself, and for the next year, we would have, again, another 4-5 MMSCMD of gas coming up from Daman upside project, as such. As far as the targets are concerned, whenever we give the targets, those we do factor in whatever are the likely reductions or expected declines for those fields and the measures that we are going to take. So, it is not that we would have just a reduction coming up in all the fields. There would also be actions that we would have taken: drilling of wells, we would have done IORs, et cetera, which would take care of the targets that are to be achieved. Sir, just wanted to understand, what would be the, at the blended portfolio level, what would be the decline rate? So broadly, we consider, you can consider that this would be around, depending upon the field, this might be around, 6%-7% or 8% declines on normal basis, but fields do behave differently. If you see other fields at other places also, declines have been very sharp. It depends upon the field, it depends upon how much you are extracting, it depends upon what processes you are using. Vintage of the field. Vintage of the field, et cetera. Many factors which contribute to the decline in production for fields as such. Broadly, we have been considering it to between 6%-8%. Got it, sir. So, the question on the projects was, are these two the only major projects that we are considering in FY 2027, or is there a few more projects that gets built into this FY 2027 outlook? DSF-II project is coming up, which is again a gas in the West Coast, and we are expecting it to come on stream in the last quarter of the next year. Got it. Okay, thank you. Thank you. Thank you, sir. There are no further questions. Now, I hand over the floor to Sri Vivek Tongaonkar for closing comments. Yeah. Thank you very much, Madhuri. Thank you, all participants, for being on the call with us, and we do hope that we would have replied to your questions. Any further details, you can be in touch with our IR cell over here. I would just like to mention that, as we have been saying earlier in different various calls, that TSP, we are expecting positive results or we would be getting certain results in the last quarter of financial year 2026. I have already mentioned, we are also getting positive results, and we would be in a position to quantify that at the end of this year. Secondly, our KG Basin 98/2 project, which had been delayed because of certain reasons, has now we have now been able to install all the modules over there. The hookup commissioning works would be underway, and we do expect gas to start flowing from the immediate in the beginning of this coming financial year. DUDP is also on track. Our gas we expect to flow from this March itself. So those are upsides that are there. And I think one major point one major decision which the board has also taken is to announce a dividend of INR 6.25 per share. Considered with the first interim dividend of INR 6, it is total amount that we are giving is INR 12.25, which was the dividend that we had paid for the previous year. So on an interim dividend basis, this is the highest cumulative interim dividend that we have paid. It signals a very strong we are very quite positive about the future of this company, and we are also taking care of our stakeholders so that they get optimum returns also. So we do hope that this would the stakeholders would also welcome this. This was one long-standing demand from the investors also about the returns or the rewards that are given to the shareholders, and we think we would be in a position to reward the shareholders in the future also. Thank you very much. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you, and have a blessed day.