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ONGC net profit up 15pct in Q3

Gasoil News - Published on Tue, 13 Feb 2018

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State-run explorer Oil and Natural Gas Corp (ONGC) posted a 15 per cent rise in net profit at INR 5,014.67 crore for the third quarter ending December buoyed by higher realisations. ONGC had posted a profit after tax of INR 4,352.33 crore in the corresponding quarter a year ago.

Higher crude prices meant ONGC got USD 60.58 for every barrel of oil produced during the quarter in consideration as against USD 51.80 in the period of the last fiscal.

The gas price realised during the Q3 was also higher at USD 2.89 per million British thermal unit as against USD 2.5 per mbtu in same quarter of 2016-17. The company's gross revenue for the quarter was INR 22,996 crore, up 14.9 per cent over the same quarter last year 20,014 crore.

However, ONGC's crude oil production during the quarter fell 1 per cent compared to last year to 5.2 million tonnes, while gas output rose 4.5 per cent to 6 billion cubic metres.

According to the statement, the company has made 10 oil and gas discoveries so far in the ongoing fiscal. Among the latest discoveries is an oil find in Cauvery basin where a well on the L-II PML Block struck two oil-bearing zones.

It said that "The success in this well has helped in establishing the Nannilam Play (sand) to be of commercial interests at a very shallow depth for further exploration in addition to the known Basement play in the Mattur-Pundi area and declared as a new prospect discovery."

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Posted By : Nanda Koijam on Tue, 13 Feb 2018
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