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Oil and Natural Gas Corporation (ONGC) announced net profits of Rs 6,734 crore in the March quarter on higher oil rates, including exceptional benefits.
According to a company press report, the firm had recorded a net decline of Rs 3,214.41 crore in January-March 2020.
ONGC Chairman and Managing Director Subhash Kumar stated that the firm realised USD 58.05 for each barrel of crude oil produced also marketed in January-March correlated to USD 49.01 a barrel realisation last year.
Additionally, the firm converted impairment losses, recording an extraordinary profit of Rs 2,613 crore in the quarter. This develops a re-assessment of crude oil and natural gas costs, reflected from lows hit last year.
He said that the company had recorded a net impairment reversal of Rs 2,613 crore for the January-March quarter and Rs 1,375 crore for the year to March 31, 2021.
"The increase in net profit in Q4 (of fiscal 2020-21) is mainly due to higher crude oil prices which were partly offset by historic low gas prices," he stated.
Domestic gas cost below the authorised pricing device – updated once each six months – was USD 1.79 per million British thermal units in the January-March quarter, down from USD 3.23 a year back.
Kumar declared the confusion created by the pandemic led to ONGC offering 3.5 per cent less crude oil in the year at 22.53 million tonnes.
He stated that the company is targeting 22.56 million tonnes of crude oil production for the current year, almost unchanged from the previous year.
ONGC announced it had held ten discoveries (3 in onland, 7 in offshore) throughout FY21 in its operated acreages. Of these, six are new prospects (1 in onland, 5 in offshore), and four are pools of recent discoveries (2 in onland, 2 in offshore).