Higher crude price realisation, coupled with lower fuel subsidy, has helped Oil and Natural Gas Corporation (ONGC) post a 23 per cent jump in net profit for the quarter ended December 31. Net profit was Rs 3,054 crore, compared to Rs 2,475 crore in the same quarter last year. Net sales for the quarter rose 23 per cent, to Rs 15,314.5 crore.

R S Sharma, chairman and managing director, said that “considering the volatility of the business, the financial results of the quarter are quite satisfactory”. ONGC’s share of the fuel subsidy burden for the quarter stood at Rs 3,497 crore, down by 28.6 per cent compared to last year’s corresponding quarter.

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During the quarter, ONGC wrote off 37 dry wells, amounting to Rs 2,480 crore. These were drilled over the past two years. Crude output during the quarter declined 3.1 per cent to 6.7 million tonnes, while gas production was almost flat at 6.457 billion cubic metres.

ONGC made seven new discoveries during the quarter. All the discoveries have been made in the nomination blocks, Sharma said. The company’s board has approved investment of Rs 723.6 crore for acquisition of a new multi-support vessel. Another decision was a nod to a draft memorandum of understanding to be entered with Bharat Petroleum Corporation for cooperation in the gas and LNG business.

The company’s board also approved investment of Rs 2,163.65 crore for integrated development of the D1 marginal field of Mumbai offshore. The estimated peak oil production from the field is expected to be about 36,000 barrels of oil per day during 2012-13.

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