ONGC Records Seven-Fold Jump In Third Quarter Profit On Rise In Oil, Gas Prices

New Delhi: Maharatna firm Oil and Natural Gas Corporation (ONGC) on Saturday recorded an almost seven-fold leap in its third quarter internet revenue as greater oil and fuel costs offset a drop in manufacturing.The state-owned behemoth's internet revenue stood at Rs 8,764 crore in December quarter of the present fiscal, which was 596.7 per cent over Rs 1,258 crore of internet revenue recorded by the explorer in the course of the corresponding interval of final yr.The nation's prime oil and fuel producer acquired $75.73 for each barrel of crude oil it produced and bought within the third quarter of the present fiscal yr as in comparison with $43.20 a barrel realisation in the identical interval of 2020-21.Gas value rose to $2.90 per million British thermal unit in October-December 2021 as in opposition to $1.79 a yr again. This spurt in costs greater than made up for the autumn in manufacturing. Oil manufacturing fell 3.2 per cent to five.45 million tonnes whereas fuel output was 4.2 per cent decrease at 5.5 billion cubic meters, the corporate stated in a press release."The production of crude oil and gas has declined during current year mainly due to restrictive conditions created by cyclone Tauktae and Covid, delay in mobilization of mobile production unit Sagar Samrat to WO-16 Cluster project (in western offshore), modification work at Hazira and reservoir issues in S1 Vashistha fields in eastern offshore," it added.Revenue within the quarter underneath assessment was up 67.3 per cent to Rs 28,474 crore.During the primary 9 months of the present fiscal yr, internet revenue rose to Rs 31,446 crore as in comparison with Rs 4,512 crore in April-December 2020. Revenue was up 61.5 per cent to Rs 75,849 crore.ONGC's board authorised a second interim dividend of 35 per cent (Rs 1.75 per share). "The total payout on this account will be Rs 2,201.55 crore." This dividend is along with the primary interim dividend of Rs 5.50 per share (110 per cent) declared earlier in November 2021.During the present fiscal yr, ONGC made three oil and fuel discoveries - an oil and fuel discover in Ratna & R-Series discipline within the Mumbai offshore basins and two fuel discoveries in KG onland block."Out of three hydrocarbon discoveries notified till date during FY 2021-22, two onland discoveries - South Velpuru-2 and Gopavaram Deep-1 (in KG onland block) have already been monetized by ONGC," the assertion added.