On June 24, the Oil and Natural Gas Corporation (ONGC) announced a standalone profit of Rs 6,734 crore for the quarter ending June 2021, owing to increased realisation.
The state-owned oil and gas firm lost Rs 3,214 crore in the year-ago quarter.
Gross revenue decreased 1.2 percent to Rs 21,189 crore during the quarter, the business said in a BSE filing.
Net realisations grew 18.4 percent to $58.05 a barrel in the March quarter, up from $49.01 a barrel a year ago, owing to higher oil prices and the expectation of demand recovery following the drop in COVID-19 cases.
ONGC reported a 16.5 percent reduction in profit to Rs 11,246 crore in FY21 and a 29.2 percent decline in total revenue to Rs 68,141 crore in FY21, compared to the previous year.
“Despite the country-wide lockdown imposed by the COVID-19 outbreak, ONGC has practically reached last year’s crude oil production levels from its operating blocks,” the firm stated.
Additionally, the company stated, “The shortage in natural gas output is mostly the result of decreased consumer demand as a result of the COVID-19 outbreak. This has caused in a condensate and value added product (VAP) output shortage as well.”
ONGC said that during FY21, it declared a total of ten discoveries in its operating acreages (3 on land and seven offshore). “Of them, six are prospects (1 on land and five offshore), while four are pools (2 on land and two offshore).”
With the commercialization of the finding of Ashoknagar-1, “The Bengal basin became India’s seventh sedimentary basin to generate commercial quantities of hydrocarbon. This has resulted in the Bengal basin being upgraded to Category-I status under India’s new three-tier classification system for sedimentary basins “ONGC stated.
ONGC announced a final dividend recommendation of Rs 1.85 per share, bringing the total dividend for FY21 to Rs 3.60 per share.