ONGC post impressive Q1 results

JULY 27: ONGC reported a net profit of Rs 938 crore registering a growth of 55 per cent over the previous year8217;s mark. The company attributed the gain to better price of its products and improvement in the sale of natural gas, a company release said. The company has prepared an action plan to test key prospects in exploration licensing apart from stepping up efforts in exploration of Vindhyas Basins and Himalayan Foothills, the release said.

The company is considering commercial production after getting positive results in tapping unconventional gas reserves in Jharia, it added. ONGC is currently working on 13 major projects each costing more than Rs 100 crore. Ten of the project are in the offshore Mumbai High and Heera fields.