ONGC posts net profit of Rs 496 crore
In its 330th meeting held on September 1, 2020, ONGC Board approved the results for First Quarter (Q1) of FY 2020-21. The Board has declared a net profit of Rs 496 crore. The revenue and PAT for Q1 have been impacted by lower crude price realization in the wake of COVID-19 fall out on global o
In its 330th meeting held on September 1, 2020, ONGC Board approved the results for First Quarter (Q1) of FY 2020-21. The Board has declared a net profit of Rs 496 crore. The revenue and PAT for Q1 have been impacted by lower crude price realization in the wake of COVID-19 fall out on global oil and gas industry as a direct consequence of adverse price movements in global crude prices. Lower gas prices also contributed to lower topline and bottomline. Exploratory Success: ONGC has notified three discoveries (two pools and one prospect) after last press release on June 30, 2020, taking the total discoveries to six in FY 2020-21 so far. The details of three latest discoveries are as under: New Prospect: One (1). Kavitam-5 (KTAC) KG Onland / Kavitam Additional PML Exploratory well Kavitam-5 (KTAC) located in KG Onland / Kavitam Additional PML Block. On testing, flowed gas @ 4,98,560 m3/day. New Pool: Two (2) a) Sundulbari-16 (SDAP), AAFB, West Tripura PML Exploratory well Sundulbari-16.
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