State-run Oil and Natural Gas Corporation (ONGC) has posted a 21.1 per cent decline in net profit for the June quarter to Rs 4,233 crore against Rs 5,368 crore in the year-ago period, owing to a drop in production.
Gross revenue also dipped 21.4 per cent to Rs 17,784 crore against Rs 22,628 crore during the period of the previous year. Due to a dip in international prices, no discount was given by the company to oil marketing companies for the quarter, while it was Rs 1,096 crore during the same period a year ago.
The company saw a decrease in total crude oil production by 2.02 per cent to 6.012 million tonnes (mt) during the quarter, against 6.136 mt. The condensate production was down 2.10 per cent to 6.345 mt against 6.481 mt during the same period last year.
The production of natural gas for the quarter also saw a downward curve of 5.6 per cent to 5.494 billion cubic metres against 5.817 bcm earlier.
ONGC has notified seven new discoveries during the quarter and eight so far in FY17 — with new prospect of discoveries and five new pool discoveries.