ONGC Q3 net up nearly 132 per cent at Rs7,083 crore

ONGC, India's largest explorer of oil and gas, today reported a 131.9 per cent jump in net profit for the third quarter of the current fianancial year. The government-run company grossed a net profit of Rs7,083 crore as against Rs3,054 in the same period of the previous.

The company's profit has been boosted due to 12.3 per cent higher net realisation on every barrel of crude oil sold. The company recorded a net realisation of $64.79 per barrel in October to December of the current fiscal against a net realisation of $57.69 per barrel in the third quarter last financial year.

The company had to, however, shell out a hefty 20.7 per cent higher subsidy bill in the last quarter, sharing a burden of Rs4,222 crore as compensation to oil marketing companies as against Rs3,497 last year.

ONGC's crude output was up at 7.03 million tonnes against 6.6 million tonnes in the year-ago quarter. Last week the oil producer had to briefly halt oil and gas output after a pipeline leak caused a mile-long spill off Mumbai's coast. The leakage caused a loss of some 25,000 barrels and an oil spill that stretched 80 km off Mumbai's coast.

Yesterday, ONGC reported a shale gas find at its block in West Bengal.

ONGC announced five new discoveries - two in western offshore basin and one each in Mahanadi offshore basin, western onshore basin, and Cauvery onland basin.