ONGC's 2Q Profit Surges
Indian state-owned ONGC November 3 reported a 61% year-on-year jump in net profit for the July-September quarter (2Q 2019), thanks to higher oil and gas prices.
ONGC’s net profit was rupees 82.65bn ($1.13bn) compared with rupees 51.31bn in the corresponding quarter of last year. The company got $73.07/barrel for crude oil it produced in 2Q 2019, up 48% year-on-year. It got $3.06/mn Btu for natural gas it produced, up 23% year-on-year.
Company’s oil production during the quarter was 4.9mn metric tons, down 7% compared with the same quarter last year. Gas output, however, was up 2.9% year-on-year to 6.1bn m3.
“ONGC gas production has seen an increasing trend on year-on-year basis. The gas production is expected to increase further with the completion of Daman Development Project in Western Offshore and further increase from VA-S1 field in Eastern Offshore,” it said.
Revenue during the quarter was rupees 279bn compared with 189bn in the year ago period.