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As oil prices double, ONGC net soars 772 percent

Net profit in April-June at Rs 4,335 crore was 772.2 per cent higher than Rs 497 crore in Q1 of previous fiscal when demand as well as price had plummeted due to coronavirus-related lockdown, the company said.

By: ENS Economic Bureau | New Delhi |
August 15, 2021 1:04:11 am
ONGC, oil prices, ONGC net profit, Gas price, increasing oil prices, coronavirus, covid-19, indian express, indian express news, covid-19 lockdownThe firm got $65.59 for every barrel of crude oil it produced and sold in the first quarter of the 2021-22 fiscal, compared to $28.87 per barrel realisation in the year-ago quarter. (File)

State-owned Oil and Natural Gas Corp’s (ONGC’s) net profit soared by nearly 800 per cent in the first quarter of the current fiscal after more than doubling of oil prices compensated for a fall in production.

Net profit in April-June at Rs 4,335 crore was 772.2 per cent higher than Rs 497 crore in Q1 of previous fiscal when demand as well as price had plummeted due to coronavirus-related lockdown, the company said. The firm got $65.59 for every barrel of crude oil it produced and sold in the first quarter of the 2021-22 fiscal, compared to $28.87 per barrel realisation in the year-ago quarter.

Gas price was lower by a quarter at $1.79 per million British thermal unit.

The company produced nearly 5 per cent less crude oil at 5.4 million tonnes in the quarter while natural gas output was 4.3 per cent lower at 5.3 billion cubic metres.

Of the oil production, ONGC produced 4.6 million tonnes from fields it operates and another 0.55 million tonnes from those in joint ventures with other partners.

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