ONGC October-December profit shrank 67.4% from a year earlier to Rs 1,378 crore. Revenues fell 28% to Rs 17,024 crore.
The average price of crude oil from fields operated by ONGC slipped a quarter to Rs 3,186 per barrel. The rate of oil from joint venture fields fell 22% to Rs 3,238 per barrel. At $1.79 per mmBtu, the gas price during the quarter was 45% lower from a year earlier.
Crude oil production during the quarter declined 3.3% from a year earlier. Gas output shrank 6%.
The company has announced an interim dividend of Rs 1.75 per equity share. February 20 is the record date for this.
The board has approved the setting up of a wholly-owned subsidiary to source, market, and trade natural gas, liquefied natural gas, hydrogen-enriched CNG, and biofuel, the company said in a statement.
The board also approved ONGC’s acquisition of a 5% equity stake in the Indian Gas Exchange, the country’s first and only gas exchange.
“As an important stakeholder in the gas sector, it would be critical for ONGC to participate in the gas exchange for the development of the gas sector. ONGC’s interests towards realizing maximum value from its gas marketing efforts may be substantiated through this first gas trading platform in the country,” the company said.
