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ONGC net profit surges 58% in Q1

Our Bureau New Delhi | Updated on August 02, 2018

Same quarter net profit previous year was ₹3,885 cr

Public sector undertaking Oil and Natural Gas Corporation Ltd (ONGC) has reported higher net profit of 58.1 per cent at ₹6,144 crore for the quarter ended June 30. The company’s standalone net profit for the same quarter previous year was ₹3,885 crore.

ONGC’s revenue for the quarter under review was ₹27, 213 crore, up 42.7 per cent from ₹19, 073 crore last financial year.

For crude oil produced from nominated fields, ONGC’s net realisation price stood at $71.48 a barrel during the first quarter of the financial year 2018-2019. This was 47.6 per cent higher from $48.42 a barrel price realised during the same quarter of 2017-18.

Crude oil

Price realisation of crude oil from joint venture projects was up 48 per cent (compared to the quarter ending June 2017 at $45.92) at $67.97 a barrel during the quarter ended June 2018.

Compared to the April-June 2017 quarter, price realisation from natural gas production too, was higher by 23.4 per cent during April-June 2018 at $3.06 per million British thermal units (mBtu).

In terms of production, crude oil dropped 5.3 per cent at 5.028 million tonne (MT) in the first quarter of 2018-19 as opposed to 5.310 MT during April-June 2017.

Published on August 02, 2018

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