Financial Daily from THE HINDU group of publications
Thursday, Apr 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 21, 2005 |
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Corporate Results
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Petroleum ONGC net rises 47% in 2004-05 Our Bureau
New Delhi , April 20 OIL and Natural Gas Corporation Ltd (ONGC) has said that its net profit (provisional un-audited) for 2004-05 rose by 47 per cent to Rs 12,725 crore (Rs 8,664 crore) and the turnover increased by 43 per cent to Rs 47,025 crore (Rs 32,927 crore). According to the company, these figures exclude transfer of Rs 3,114 crore profit to Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum (for April-December 2004) on the instructions of the Ministry of Petroleum & Natural Gas. Further, ONGC's contribution to the Central and State exchequer by way of royalty, cess, duties and taxes increased by 20 per cent to Rs 20,200 crore (Rs 16,858 crore). During 2004-05, the company improved its crude output by producing 26.487 million metric tonne (MMT) against 26.057 MMT in 2003-04. "The increase of 1.65 per cent was achieved against natural decline at 6-8 per cent per year for the ageing fields. Particularly, in the prime Mumbai High field, production increased to a sustained level of 2,70,000 barrels of oil per day (bopd)," the company said. Though the gas production declined to 22.971 billion cubic meters (23.584 BCM), gas sales were maintained at 18.52 BCM. Corresponding to the decline in gas production from the ageing Vasai field, output of finished products dropped to 3.34 MMT (3.63 MMT). Taking oil and oil equivalent gas together, ONGC produced one million barrels per day, excluding 0.08 million bopd for its domestic joint ventures.
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