Indian ONGC's Profit Dives in Jul-Sept
Indian state-owned ONGC saw its profit drop 55% yr/yr during the three months ending September 30 (Q2), owing to a sharp decline in realised oil and gas prices, it said on November 13 in a statement.
Net profit was rupees 28.78bn ($390mn) compared with rupees 63.36bn a year earlier. Revenue came in at rupees 169.16bn, down 31% yr/yr. ONGC's average realised crude oil price was $41.78/barrel in Q2, down 31% yr/yr. Its realised gas price was $2.39mn Btu, down 35% yr/yr.
ONGC drilled the BS-17-1 exploration well at the West of Bassein ML block, in the Mumbai offshore basin, during the quarter, testing three intervals. In the first interval, gas flowed at the rate of 156,688 m3/day and condensate at 326 barrels/day. In the second, oil flowed at the rate of 272 b/d and gas at 198,514 m3/d, while in the third, gas flowed at 198,023 m3/d and condensate at 279 b/d.
“The presence of commercial hydrocarbon in multi-layered reservoirs within Bassein, Mukta, and Heera formations has opened up a new area to explore hydrocarbons in the adjoining area,” the company said.