ONGC Q3 Profit Falls 14% to Rs 9,536 Crore on Lower Crude Oil Prices – News18

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday reported 14 per cent drop in internet revenue for the third quarter ended December 31 as oil and gasoline costs fell. Standalone internet revenue of Rs 9,536 crore in October-December 2023 (third quarter of 2023-24 fiscal 12 months) was 13.7 per cent decrease than Rs 11,045 crore incomes in the identical interval of earlier monetary 12 months, the corporate mentioned in a press release.

The incomes was decrease as value realised for crude oil the agency produced and offered within the quarter fell 6.4 per cent to USD 81.59 per barrel. Gas value too was 24.2 per cent decrease at USD 6.5 per mmBtu. Also contributing to decrease revenue was a decline in manufacturing of crude oil, which is transformed into gasoline like petrol and diesel at refineries, and pure gasoline which is used to generate electrical energy, produce fertilizer, was CNG and piped to kitchens for cooking.

Crude oil manufacturing dropped 3.3 per cent to 5.22 million tonne whereas gasoline output was 4.3 per cent decrease at 5.12 billion cubic meters. Gross income was down 10 per cent at Rs 34,789 crore in Q3.

The board of the corporate accredited a second interim dividend of 80 per cent or Rs 4 a share. “The total payout on this account will be Rs 5,032 crore,” the assertion mentioned. This is as well as to the primary interim dividend of Rs 5.75 per share declared in November final 12 months.

ONGC’s standalone internet revenue within the first 9 months of the present fiscal fell 24 per cent to Rs 29,767 crore as oil value realised dropped to USD 75.55 a barrel from USD 97.10. Gas value realised too was 5 per cent decrease at USD 6.57 per million British thermal unit. The 9-month manufacturing too was decrease.

“The reduction in ONGC’s production output in first nine months of FY 2023-24 was due to shutdown in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernise its evacuation facilities, and Cyclone Biparjoy (in June 2023) disrupting offshore and onshore production,” ONGC mentioned including crude oil manufacturing of a southern discipline was hampered as a refinery stopped receiving oil, following a leakage of their pipeline. To counter the decline in manufacturing from a number of the matured and marginal fields, ONGC is taking proactive steps by implementing effectively interventions and advancing new effectively drilling actions.

“The decline in production from matured fields will be compensated in upcoming quarters with commencement of additional production from upcoming projects, which are under various stages of development,” the agency mentioned including crude oil manufacturing has already commenced from KG-DWN-98/2 Block on January 7, 2024. ONGC mentioned it made 9 oil and gasoline discoveries within the present fiscal. Five of those discoveries are offshore and the remaining are onland.

Besides begin of oil manufacturing from the deep-water KG-DWN-98/2 block in Bay of Bengal, different spotlight was Mandapeta discipline of Rajahmundry Asset crossing 1.0 million normal cubic meters per day of gasoline manufacturing mark on October 5, 2023 – the best-ever since inception of the sector in 1994, by way of reservoir characterization & correct effectively placement, excessive-quantity fracking and well timed augmentation of manufacturing amenities.

ONGC mentioned it additionally obtained approval to kind a 100 per cent subsidiary firm for inexperienced power and gasoline enterprise. The wholly-owned subsidiary firm shall pursue inexperienced hydrogen, hydrogen mixing, renewable power (photo voltaic, wind and hybrid), biofuels/ biogas enterprise and LNG.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)