Indian ONGC's Q1 Profit Drops 92%
Indian state-run ONGC on September 1 reported a standalone profit of rupees 4.96bn ($68mn) during the three months to June 30 (Q1), down 91.7% yr/yr due to lower realised oil and gas prices.
ONGC’s realised oil price during Q1 was $28.72/barrel, down 56.7% yr/yr while its realised gas price was $2.39/mn Btu, down 35.2% yr/yr. The company’s revenue dropped 51% yr/yr to rupees 130.1bn.
Production of crude oil during Q1 was 5.66mn metric tons, down 3.5% yr/yr while gas output was down 13.6% yr/yr at 5.54bn m3. “Gas production has been affected due to less offtake by consumers in the wake of Covid-19,” ONGC said.
The company said it has made an oil and gas discovery in the offshore KG basin. Exploratory well KGD982NA-PDM-SH-1 drilled in Cluster-2 of KG-DWN-98/2 block, flowed oil at the rate 3,496 b/day and gas at the rate 61,926 m3/d, ONGC said.