ONGC Q3 profit rises 15% YoY to Rs 5,015 crore
ET Bureau|
Updated: Feb 09, 2018, 08.53 PM IST
NEW DELHI: Oil and Natural Gas Corp's third-quarter profit has risen 15% on higher crude prices.
Profit went up to Rs 5,015 crore in the Oct-December quarter of 2017-18 from Rs 4,352 crore in the corresponding period a year earlier. Gross revenue rose 15% to Rs 22,996 crore.
The state-run producer realised a price of $60.58 per barrel for its crude from the nominated fields for the quarter, nearly 17% higher than in the year-ago period. In rupee terms, the realisation rose 12.2%. Oil price realised from its joint ventures also rose 15.4%.
Crude prices have risen about 40% since the middle of last year, helping oil producers like ONGC report higher profit.
ONGC's crude oil production fell 1% to 6.34 million metric tonnes but gas production rose 4.2% to 6.27 billion cubic meters during the quarter.
ONGC said it has notified ten discoveries so far in 2017-18.
Profit went up to Rs 5,015 crore in the Oct-December quarter of 2017-18 from Rs 4,352 crore in the corresponding period a year earlier. Gross revenue rose 15% to Rs 22,996 crore.
The state-run producer realised a price of $60.58 per barrel for its crude from the nominated fields for the quarter, nearly 17% higher than in the year-ago period. In rupee terms, the realisation rose 12.2%. Oil price realised from its joint ventures also rose 15.4%.
Crude prices have risen about 40% since the middle of last year, helping oil producers like ONGC report higher profit.
ONGC's crude oil production fell 1% to 6.34 million metric tonnes but gas production rose 4.2% to 6.27 billion cubic meters during the quarter.
ONGC said it has notified ten discoveries so far in 2017-18.
