ONGC in Q2FY21

ONGC Q2FY21 results

Registers net profit of Rs 2,878 crore

on the gross revenue of Rs 16,917 crore
ONGC Q2FY21 results
Notifies one new prospect discovery
CodePen - A Pen by Joseph Martucci ONGC Q2FY21 results

PAT for Q2 FY'21 rises by 480 %

Thesynergyonline Corporate Bureau

NEW DELHI, NOVEMBER 13 : Oil and Natural Gas Corporation (ONGC) registered a Net Profit of Rs 2,878 crore on the Gross Revenue of Rs 16,917 crore in the second quarter of financial year 2020 -21(Q2FY21. In the quarter ONGC produced 5.686 MMT of Crude Oil and 5.880 BCM of Natural Gas.

ONGC Q2FY21 results

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The revenue and PAT for Q2 and H1 of FY'21 have declined as compared to corresponding period of FY'20 mainly due to lower crude oil price realization. Lower gas prices also contributed to lower topline and bottomline. The company has also recognized an Exceptional Item towards impairment loss of Rs1,238 crore in Q2 FY'21 to factor into estimated future crude oil and natural gas prices. The impairment loss may be reversed in future as and when there is increase in crude oil and gas price. However, PAT for Q2 FY'21 has increased by 480 per cent i.e. from Rs 496 crore in Q1 FY'21 to Rs 2,878 crore in Q2 FY'21 due to recovery of crude oil price.

The company has notified one new prospect discovery 1. BS-17-1 in West of Bassein ML Block, Mumbai Offshore Basin . Exploratory well BS-17-1 in West of Bassein ML block, Mumbai Offshore Basin was drilled. Three intervals were tested, (i) flowed gas @ 1,56,688 m3/day and condensate @326 BPD, (ii) flowed oil @ 272 BPD and gas @ 1,98,514 m3/day (iii) flowed gas @ 1,98,023m3/day and condensate @ 279 BPD. 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.

With this notification, ONGC has notified total 7 (Seven) hydrocarbon discoveries till date during FY 2020-21.

. ONGC featured in the 2020 Forbes list of 750 World Best Employers. The Energy Maharatna ranked 377 in the Forbes global list compiled in partnership with market research firm Statista. This was Forbes' fourth annual survey conducted across 58 countries covering 160,000 workers of companies operating in multiple regions.

The commitment of the company towards maintaining a healthy and sustainable environment was recognized yet again at the Golden Peacock Awards this year. The energy major has been conferred with the prestigious Golden Peacock Environment Management Award 2020. This is the second consecutive year that ONGC has bagged the Golden Peacock Award in this particular category.