ONGC Q1 natural gas production up 3.8 %

to 6.148 billion cubic meters

Thesynergyonline Corporate Bureau

NEW DELHI, AUGUST 13 : Oil and Natural Gas Corporation (ONGC) reported 3.8 per cent rise in natural gas production in the first quarter of the fiscal 2019-20 (Q1FY 20) to 6.148 billion cubic meters (bcm) from 5.925 bcm in Q1FY19.

Crude oil production declined 4.7 per cent to 4.792 million tonne versus 5.027 million tonne in the year ago period. However, natural gas production rose by 3.8 per cent to 6.148 billion cubic meters (bcm) from 5.925 bcm in Q1FY19.

The company on Tuesday reported a 3.9 per cent year-on-year decline in net profit at Rs 5,904 crore for the first quarter ended June 30, 2019, dented by falling oil prices and declining production.

"The company registered net profit of Rs 6,144 crore in the corresponding period in the previous fiscal.

The company's gross revenue declined by 2.4 per cent to Rs 26,555 crore as against Rs 27,213 crore in the same quarter last year.

On consolidated basis net profit declined 24.4 per cent YoY to Rs 7,043 crore, while gross revenue slipped marginally by 0.8 per cent to Rs 1,09,515 crore.

As regards exploratory performance ONGC has made 4 discoveries (3 prospects and 1 pool) in Q1 FY'20. This included SD-12(SDAG) in Sundalbari-Agartala Dome PML,West Tripura , exploratory well SD-12(SDAG) flowed gas @ 1,14,000 m3/day. This is the first Middle Bhuban sand that has been established in the Sundalbari field and opens up a new play for exploration which will give incentive for targeting deeper prospects in this area.

Crude oil price realisation was down by 7.3 per cent to $ 66.30 per barrel in Q1FY20 as compared to $71.49 per barrel during Q1FY19. Natural gas price realisation, however, rose by 20.6 per cent to $3.69 per million british thermal units (MMBTU) against $3.06 per MMBTU in the same quarter last year.