ONGC reports consolidated net profit of Rs 17,383 crore for June quarter of FY 24
New Delhi: Oil and Natural Gas Corporation (ONGC) board in its 368th meeting held on August 11, 2023 approved the results for Q1FY2023-24.
On consolidated front the company’s net profit for April-June quarter of financial year 2023-24 stood at Rs 17,383 crore against Rs 8,581 crore in first quarter of fiscal 2022-23.
ONGC reported gross revenue of Rs 1,63,824 crore in April-June quarter of current fiscal, against Rs 1,82,894 crore in corresponding quarter of previous fiscal.
On standalone front the company reported net profit of Rs 10,015 crore in April-June quarter of current financial year against Rs 15,206 crore in corresponding quarter of previous fiscal.
For first quarter of current fiscal ONGC reported gross revenue of Rs 33,814 crore against Rs 42,321 crore in April-June quarter of previous financial year.
ONGC reported crude oil production at 4.590 million metric tonnes (MMT) in first quarter of currest fiscal against 4.743 MMT of oil production in corresponding quarter of previous financial year, lower by 3.2 per cent. The firm reported gas output of 5.043 billion cubic meters (BCM) in April-June quarter of fiscal 2023-24 against 5.216 BCM in corresponding quarter of previous fiscal, down by fell 3.3 per cent.
“The reduction in ONGC’s production in Q1 FY 2023-24 was due to shutdown in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernise its evacuation facilities, post taking over from JV partners, cyclone Biparjoy (June 2023) disrupting offshore and onshore production and crude oil wells in southern India had to be stopped as a refinery there stopped receiving oil, following a leakage in their pipeline,” the company’s statement
said. To counter the decline in production from some of the matured and marginal fields, ONGC is implementing well interventions and advancing new well drilling
activities.
“The current decline in production is temporary. The same will be compensated in upcoming quarters with commencement of additional production from new projects; especially by crude oil production commencement from KG-98/2 in Q3 2023-24,” it added.
ONGC said it made four oil and gas discoveries in the first quarter. Of these, three are new prospects in offshore areas and one is an onland find. The discoveries include a find in the Mid and South Tapti field in Mumbai offshore. “This prospect discovery has been named ‘Pukhraj’,” the statement said.
The development well Gopavaram-21 was drilled in Srikattapalli-Pasarlapudi (24) & Gopavaram PML area in KG onland basin. This success has been notified as Zone of Potential Commercial Interest (New Pool) as this new pay zone for the first time has proved hydrocarbon in the area.
