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Public sector undertaking Oil and Natural Gas Corporation Ltd (ONGC) reported a net profit of ₹3,885 crore for the first quarter of financial year 2017-2018. This is 8.2 per cent lower than the ₹4,233 crore net profit reported in the corresponding quarter of financial year 2016-2017.
The fall in net profit is despite the 7.2 per cent increase in gross revenue against the corresponding quarter in the previous fiscal. Gross revenue during the first quarter of financial year 2017-2018 was Rs 19,073 crore, against Rs 17,784 crore in the same period of fiscal 2016-2017.
The net realisation per barrel too was up 18 per cent to $45.92 per barrel in the first quarter of this fiscal from $ 38.90 per barrel in the same quarter of the previous fiscal.
The company’s total crude oil production was up 1.6 per cent to 6.444 million tonne compared to the 6.345 million tonne production in the corresponding quarter of fiscal 2016-2017. Total gas production was 9.8 per cent higher at 6.030 billion cubic meters from 5.494 bcm during the first quarter in the previous fiscal.
ONGC also notified 5 new discoveries in the first quarter with 3 new prospect discoveries and 2 new pool discoveries.
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