State-run Oil and Natural Gas Corporation (ONGC) has posted 24.4 per cent decline in consolidated net profit for the first quarter of the financial year to Rs 7,043 crore compared to Rs 9,318 crore during April to June quarter of 2018-19, owing to lower crude oil production and realisation.
The company’s gross revenue also dropped marginally by 0.8 per cent to Rs 1,09,515 crore during the April to June quarter of 2019-20, as against Rs 1,10,367 crore during the same quarter last financial year.
During the quarter, the total crude oil production, including condensate and those from joint venture, declined 5.6 per cent to 5.87 million tonne (MT) versus 6.21 MT during the same period last financial year. On the other hand, gas production during the period increased by 3.7 per cent to 6.42 billion cubic meter (bcm) compared to 6.19 bcm during the April to June period of 2018-19.
The company’s net realization from nominated fields, for the quarter under review was $66.30 a barrel, down 7.3 per cent from $71.49 a barrel during the Q1 of 2018-19. The company said that t has made four discoveries during the quarter.