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ONGC posts net profit of `15,206 cr in Q1

ONGC posts net profit of `15,206 cr in Q1
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New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported its highest quarterly net profit of Rs 15,206 crore in the June quarter on the back of record oil and gas prices.

The company's net profit of Rs 15,206 crore or Rs 12.09 per share in the April-June period is against Rs 4,335 crore, or Rs 3.45 a share reported in the same period a year ago according to a stock exchange filing. Revenue from operations increased to Rs 42,321 crore in the first quarter of the current financial year from Rs 23,022 crore in the year-ago period.

Sequentially, the profit was higher than the Rs 8,859.54 crore net profit of January-March.

The earnings rose as the company got $108.54 per barrel price for crude oil it sold in the quarter as opposed to $65.59 a barrel rate realised in the same period last year. Gas price realisation more than doubled to $6.1 per million British thermal unit from $1.79. ONGC has declared 2 discoveries in onland during FY 2022-23 in its operated acreages. Out of these, one is a new prospect (Kankpul-1 in NELP-VII JV block WB-ONN-2005/4) in West Bengal and the other is new pool (Mandapetta-60 in KG Onland) in Andhra Pradesh.

The details of latest discovery are as under: (i) Kankpul-1 in NELP JV Block WB-ONN-2005/4 (PI-ONGC-75%, OIL-25%), West Bengal. Exploratory well Kankpul-1 drilled in NELP Block WB-ONN-2005/4 (PI-ONGC-75%, OIL-25%) flowed gas @ 46,520 - 52,272 m3/day from Pandua Formation.

(ii) Mandapeta-60 in Mandapeta PML, KG-PG Basin, Andhra Pradesh Well Mandapeta-60 in onland Mandapeta PML, KG-PG Basin encountered about 6.0 m sand within Kommgudem Formation flowed gas @ 62730 m3/day. This is the first commercial flow from Kommgudem formation which is monetised.

For the full 2021-22 fiscal, ONGC had posted a net profit of Rs 40,306 crore on a turnover of Rs 1.1 lakh crore. In FY22, it had got an average price of $76.62/barrel and a gas rate of $2.35 per mmBtu.

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