In Q2FY24, the Oil and Natural Gas Corporation (ONGC) saw a 20% decrease in net profit, amounting to Rs 10,216 crore, due to plummeting oil prices. Earnings per barrel nosedived to $84.84 from $95.50 in the previous year. Gross revenue also suffered, falling by 8.2% to Rs 35,162 crore, primarily a result of the lower oil prices. Oil and gas production decreased by 1.9% and 3% respectively. The decline in output was attributed to aging fields, prompting ONGC to implement interventions and new drilling activities to counteract this downfall. However, hopes for a reversal in the upcoming quarter are pinned on the launch of a promising oilfield in the KG basin. Despite the current challenges, the company aims to proactively address output reduction in mature and marginal fields to stabilize the situation.