The Oil and Natural Gas Corporation (ONGC) recorded a 19.2 per cent increase in its net profit during 1997-98 as compared to the previous year.
According to the provisional figures released by ONGC chairman B C Bora here yesterday, the corporation's net profit during 1997-98 came to Rs 2,425 crore compared to Rs 2,033 crore in 1996-97.
The increase in profits was a result of jump in the production of some value-added products like liquefied petroleum gas (LPG) and revision in the prices of some products which raked in an additional Rs 870 crore during the year. The operating revenue of the corporation also went up from Rs 13,336 crore in 1996-97 to Rs 15,139 crore in 1997-98 -- an increase of 13.5 per cent.
During the year, oil production was 28.25 million metric tonne (mmt), about 0.5 mmt more than the target of 27.73 mmt. Similarly, ONGC supplied 18.62 billion cubic metre (BCM) of gas against a target of 17.76 BCM.
The corporation stuck gas at six places. For the first time in the country, ONGC struck coal bed methane in Parbatpur in Bihar in its maiden indigenous efforts. The discovery is under appraisal for establishing the commercial viability.
With a view to tapping hydrocarbon resources in deep water areas both on the western and eastern coasts, ONGC has formed an elaborate plan and has already identified drillable targets.
The first well in east cost offshore will be spudded soon.
