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ONGC posts net profit rise 61pct in September 2018

Gasoil News - Published on Tue, 06 Nov 2018

Image Source: TopNews
State-owned Oil and Natural Gas Corp (ONGC) reported a 61 per cent jump in its September quarter net profit as higher prices offset a dip in oil production. ?Its net profit was INR 8,265 crore in July-September as compared to INR 5,131 crore in the same period last year. ? The company got USD 73.07 for every barrel of crude oil it produced and sold in the second quarter, up 48 per cent from USD 49.43 per barrel realisation a year ago. ? Because of the depreciation in rupee, ONGC's realisation soared 61 per cent to INR 5,117 per barrel. ONGC bills its customers in US dollars. ?

It got USD 3.05 per million British thermal unit for natural gas as opposed to USD 2.48 per mmBtu last year. ?? The PSU oil major's turnover was up 47.6 per cent to Rs 27,989 crore. ?Oil production fell 7 per cent to 4.9 million tonnes but gas output was up 3 per cent at 6.1 billion cubic metres.

ONGC reasoned the decline to contractor not delivering a production unit for western offshore WO-16 Cluster.

ONGC said that non-delivery of the facility, which was scheduled to come at the beginning of the fiscal year, "led to a loss of oil production of about 0.35 million tonnes."

The statement said that "ONGC took stringent action to terminate the contract and proactively awarded a new contract recently for commissioning of (the facility) by March 2019."

Source :

Posted By : Joykumar Irom on Tue, 06 Nov 2018
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