Oil & Natural Gas Corporation (ONGC) announced that its deepwater well MN‑DW18‑1‑H‑D, drilled to a target depth of 1,623 metres, struck gas at the 1,441–1,452 metre interval in the Mahanadi Offshore Basin, off the Odisha coast. The well, located roughly 43 kilometres from Konark, is the first in the basin under the Samudra Manthan campaign. The discovery was made on Friday, September 18, 2026, after the well had shown encouraging gas flow and reservoir pressure for three days.

ONGC highlighted that the well’s proximity to the coast could allow early monetisation, provided further appraisal and commercial evaluation confirm commercial viability. The company said the discovery was announced after market hours on Monday, September 21, 2026, and that the well was spudded on July 25, 2026, by Minister of Petroleum & Natural Gas Hardeep Singh Puri. This first gas strike in the Mahanadi Basin under the Samudra Manthan initiative marks a significant milestone for the company’s offshore exploration strategy.

ONGC’s consolidated net profit for the April–June quarter of the 2026‑27 financial year rose 21.37% year‑on‑year to ₹11,898.93 crore, up from ₹9,804.07 crore in the same period of the previous year. Consolidated revenue from operations reached ₹2.05 lakh crore, a 25.68% year‑on‑year increase from ₹1.63 lakh crore in Q1 FY26. The company’s earnings growth reflects robust production across its onshore and offshore assets.

Shares of ONGC closed 1.22% higher at ₹235.63 per unit on the National Stock Exchange on Monday, September 21, 2026, after the gas discovery was announced post‑market. Over the week, the scrip has risen more than 1%, but it has fallen 1% on a year‑to‑date basis. The 52‑week high of ₹307.50 was reached on April 29, 2026, while the year‑low of ₹227.65 was recorded on June 30, 2026.

ONGC’s market capitalisation stood at ₹2.96 lakh crore as of September 21, 2026, according to NSE data. The company’s performance and the recent gas strike are likely to influence investor sentiment, though the announcement came after market close. The article is purely informational and does not constitute investment advice; readers are advised to consult a financial advisor before making any investment decisions.