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    ONGC's 3Q Profit Up 65%

Summary

Indian state-owned ONGC February 14 reported a 64.8% year-on-year increase in net profit for the three months to December 31.

by: Shardul Sharma

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Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, Financials, News By Country, India

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ONGC's 3Q Profit Up 65%

Indian state-owned ONGC February 14 reported a 64.8% year-on-year increase in net profit for the three months to December 31 (3Q2019) owning to higher oil and gas prices.

Company’s net profit during 3Q was rupees 82.63bn ($1.16bn) compared with rupees 50.15bn in the same quarter of last year. For the nine months to December 31 (9M2019) net profit was rupees 226.71bn, up 61.6% year-on-year, ONGC said.

ONGC’s realised crude oil price during 3Q was $61/b, up 13.4% on the same quarter of previous year. For 9M, realised price was $66.65/b, up 37.2% year-on-year.

Average released gas price in 3Q was $3.36/mn Btu, up 16.3% year-on-year while for 9M average realised price was $3.16/mn Btu, up 20.6% on the same quarter of previous year.

 

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