Is Data Guard good option for Operational Reports

One of our DBA has suggested to have data guard to produce real time or nearly real time(15 min. delay) operational reports, by which we can remove the load on OLTP system. Is it a good practice to use data guard for reporting purpose? what if Production OLTP system goes down (planned or unplanned maintenance), will data guard act as production OLTP database? Can any one in this forum provide some help to understand data guard concept?

Whether this is a good option or not depends on a lot of factors - including which version of Oracle you are using, and what your operating system you have selected.
In it's simplest form, Data Guard is the controller for hot standby synchronization and database failover. But, once you have a hot standby you may want to use it for other things. That additional use involves compromise - for example, while the standby is used for reporting, it is not applying the sync'ing data [as  fast] and there could be unacceptable delays.
I encourage you to start with the Oracle portal for Data Guard and get familiar with come of the white papers. Move forward to the documentation and the forum dedicated to the technology.

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