ONGC Q2 net profit up 3.1 per cent

National oil explorer ONGC on Saturday reported a 3.1% rise in its net profit to Rs 5,131 crore for the September 2017-18 quarter, compared with Rs 4,975 crore in the corresponding quarter of last year.

Crude price realisation from joint venture fields, too, rose 8.5% to $45.89 per barrel compared with $42.30 during the corresponding period a year ago. (Reuters)
National oil explorer ONGC on Saturday reported a 3.1% rise in its net profit to Rs 5,131 crore for the September 2017-18 quarter, compared with Rs 4,975 crore in the corresponding quarter of last year. Revenue from operations for the quarter under review also inched up 3.1% to Rs 18,966 crore, compared with Rs 18,395 crore in the year-ago period.The state-run firm’s realisation for crude oil price from nominated fields was up 6.9% to $51.22 per barrel during the quarter ended September 2017, compared with $47.92 a year ago. Crude price realisation from joint venture fields, too, rose 8.5% to $45.89 per barrel compared with $42.30 during the corresponding period a year ago.

In comparison, price of natural gas on gross calorific value basis was down 19% to $2.48 per million British thermal units (mmbtu) compared with $3.06 per mmbtu in the corresponding quarter last year. In terms of production, ONGC’s total crude oil production during the September quarter was 6.450 million tonne, an increase of 0.9%, whereas total gas production rose 7.7% to 6.255 billion cubic metre. The company in a statement said it has notified a total of nine discoveries so far in the current financial year, of which four are new. Of the four discoveries, two discoveries have been made in offshore blocks and onshore blocks each. The board of the company has also approved an interim dividend of Rs 3 per equity share of Rs 5, with total payout on this account amounting to Rs 3,850 crore.