ONGC was down 0.48% to Rs 156.60 at 11:16 IST on BSE after net profit rose 61.1% to Rs 8,264.61 crore on 47.6% increase in net sales to Rs 27,989.17 crore in Q2 September 2018 over Q2 September 2017.
The result was announced on Saturday, 3 November 2018.On the BSE, 6.58 lakh shares were traded in the counter so far compared with average daily volumes of 3.88 lakh shares in the past two weeks. The stock had hit a high of Rs 164.70 and a low of Rs 156.10 so far during the day. The stock hit a 52-week high of Rs 212.90 on 25 January 2018. The stock hit a 52-week low of Rs 144.90 on 8 October 2018.
The company got $73.07 for every barrel of crude oil it produced and sold in Q2 September 2018, up 47.8% from $49.43 per barrel realisation a year ago. Because of the depreciation in rupee, ONGC's realisation soared 61% to Rs 5,117 per barrel.
ONGC got $3.06 per million British thermal unit for natural gas as opposed to $2.48 per mmBtu last year.
Oil production fell 6.9% to 4.93 million tonnes, but gas output was up 2.9% at 6.13 billion cubic metres in Q2 September 2018 over in Q2 September 2017.
Drilling Rig Sagar Samrat was under conversion into a Mobile Offshore Production Unit (MOPU) for oil production from WO-16 Cluster. The MOPU was scheduled to be commissioned in the beginning of FY2019, which could not be done because of failure on part of the contractor. The non-availability of MOPU as per schedule led to a loss of oil production of about .35 MMT. ONGC took stringent action to terminate the contract and proactively awarded a new contract recently for commissioning of MOPU by March 2019, ONGC said in a statement.
In WO-16 Cluster, all the 15 wells have been completed, which will be put on production once the MOPU is commissioned, the firm added.
ONGC has notified 7 discoveries so far in FY2019 out of which 4 new discoveries have been made since last press release in this regard on 30 May 2018 (2 new prospect and 2 new pool discoveries). Out of the 4 new discoveries, 3 have been made in onshore blocks while 1 discovery has been made in offshore block.
ONGC is the largest crude oil and natural gas company in India, contributing around 70% to Indian domestic production.
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