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OIL & GAS MAJOR ONGC REPORTS 3.1% INCREASE IN NET PROFIT

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New Delhi, Oct 30: State-run Oil and Natural Gas Corporation (ONGC) on Saturday reported a 3.1 per cent increase in its net profit to Rs 5,131 crore in the quarter ended September 30, 2017 as compared to Rs 4,975 crore in the year-ago period.

Its gross revenue, in the quarter under review, was at Rs 18,966 crore, up by 3.1 per cent from Rs 18,395 crore in the year-ago period.

The exploring company also said the crude oil price realisation from nominated fields rose by 6.9 per cent to US$51.22 per barrel during the quarter while the (crude oil) price realisation from joint venture fields was at US$45.89 per barrel, up by 8.5 per cent on a year-on-year basis.

ONGC has notified 9 discoveries so far in the current fiscal, out of which four discoveries have been made very recently. Out of the four discoveries, two discoveries each have been made in offshore blocks and onshore blocks.

The firm also said the price of natural gas on gross calorific value (GCV) basis was at $2.48 per million metric British thermal units (mmbtu) in the quarter, down by 19 per cent from $3.06 per mmbtu in the year-ago period.

Its total crude oil production during the September quarter stood at 6.450 mmt, a 0.9 per cent increase on a year-on-year basis while total gas production stood at 6.255 billion cubic metre (bcm), up by 7.7 per cent from 5.807 bcm in the same period last year.

The company’s board has approved an interim dividend of 60 per cent,A that is Rs 3 on each equity share of Rs 5. “The total payout on this account will be Rs 3,850 crore,” the company added. (IANS)