State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported nearly seven-fold jump in third quarter net profit after higher oil and gas prices offset a drop in production.
Net profit of Rs 8,764 crore in October-December 2021 rose 596.7 per cent over Rs 1,258 crore net profit in the same period a year back, the company said in a statement.
The nation’s top oil and gas producer got USD 75.73 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal year as compared to USD 43.20 a barrel realisation in the same period of 2020-21.
Gas price rose to USD 2.90 per million British thermal unit in October-December 2021 as against USD 1.79 a year back. This spurt in prices more than made up for the fall in production. Oil production fell 3.2 per cent to 5.45 million tonne while gas output was 4.2 per cent lower at 5.5 billion cubic meters.
The production of crude oil and gas has declined during current year mainly due to restrictive conditions created by cyclone Tauktae and Covid, delay in mobilization of mobile production unit Sagar Samrat to WO-16 Cluster project (in western offshore), modification work at Hazira and reservoir issues in S1 Vashistha fields in eastern offshore,” the statement said.
Revenue in the quarter under review was up 67.3 per cent to Rs 28,474 crore.
