ONGC: Profit declines in Q2 but growth plan moves forward

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ongc news

Oil and Natural Gas Corp (ONGC) on Friday reported a 11 percent decline in its September quarter net profit as falling global crude prices knocked off its revenues. However, during the quarter it made three oil and gas discoveries in Mumbai offshore, shallow waters of Krishna Godavari basin off the east cost and in Tripura.
Net profit in the July-September quarter at Rs. 4,842.02 crore was 11 per cent lower than Rs. 5,444.89 crore recorded in the same period last year, it said in a statement.
While the net price for crude oil produced from nomination fields, on which the company has to pay a fuel subsidy discount, was up 18 percent at $48.83 per barrel, the rates realized for oil produced from market-lined joint venture fields slumped 40 percent to about $50 per barrel.
But the company is going ahead with its development plan. Its Board has approved Field Development Plan of 140 square KM Madanam Field in north of Karaikal district of Tamil Nadu.
“The project envisages cumulative production of 1.048 million ton of oil by 2027-28 and 2.702 BCM of gas by 2032-33 at a total investment of USD 100.13 million,” the statement said adding 15 wells will be drilled on the field in addition to existing 3 wells and associated facilities and pipelines installed as part of the project.

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