Oil and natural gas Corporation (ONGC) reported a profit of Rs 3,763.5 crore on a consolidated basis for the quarter ended December, 31.1% but the profit made within the same period a year ago, mainly on the state-run oil and gas producing company’s lower crude price realisation and under-recoveries within the gas business. The company’s board, on Saturday, has approved creation of latest subsidiary for marketing and trading gas . The board has also decided to pay an interim dividend of Rs 1.75 on each equity share of Rs 5.
The company, which produces about 65% of domestic petroleum , supplied 5.6 million tonne (MT) of petroleum within the quarter from its ageing oilfields, recording an annual drop of three .3%. Its gas output fell 5.9% year-on-year (y-o-y) to five .8 billion cubic metres. ONGC’s realisation from petroleum from its nominated fields fell 27.7% to $43.2 per barrel during the December quarter, compared with the year-ago period. gross sales was down 8.4% y-o-y to Rs 1lakh crore within the quarter.