ONGC studies Rs 6,734 crore web revenue in This autumn

State-owned Oil and Natural Gas Corporation (ONGC) reported a web revenue of Rs 6,734 crore within the March quarter on the again of upper oil costs and distinctive revenue.
The agency had reported a web lack of Rs 3,214.41 crore within the January-March 2020 interval, in accordance with an organization press assertion.
In an investor name, ONGC Chairman and Managing Director Subhash Kumar stated the corporate realised USD 58.05 for each barrel of crude oil produced and offered in January-March as in comparison with USD 49.01 a barrel realisation a 12 months again.
Also, the corporate reversed impairment losses, recording an distinctive achieve of Rs 2,613 crore within the quarter.

This follows a re-assessment of crude oil and pure fuel costs, which have rebounded from lows hit final 12 months.
Based on the evaluation, the corporate has recorded a web impairment reversal of Rs 2,613 crore for the January-March quarter and Rs 1,375 crore for the 12 months to March 31, 2021, he stated.
“The increase in net profit in Q4 (of fiscal 2020-21) is mainly due to higher crude oil prices which were partly offset by historic low gas prices,” he stated.
Domestic fuel worth beneath the administered pricing mechanism – that are revised as soon as each six months – was USD 1.79 per million British thermal unit within the January-March quarter, down from USD 3.23 a 12 months again.
Kumar stated the disruption brought on by the pandemic led to ONGC producing 3.5 per cent much less crude oil within the 12 months at 22.53 million tonnes.
Gas output too was 8.4 per cent quick at 22.81 billion cubic meters (bcm).
For the present 12 months, the corporate is concentrating on 22.56 million tonnes of crude oil manufacturing, virtually unchanged from the earlier 12 months, he stated.
“The shortfall in natural gas production is primarily due to less offtake by customers due to COVID-19 pandemic. This has resulted in a production shortfall of condensate and value-added products (VAP) as well,” Kumar defined.
Gas manufacturing could nonetheless rise to 24.89 bcm this 12 months as new output from KG basin and western offshore comes on stream.
Kumar additional stated, “We think the worst is behind us.” Prices are more likely to enhance 50-60 per cent within the subsequent revision due on October 1, he famous.
The firm, he stated, is concentrating on a capital spending of Rs 29,500 crore within the present fiscal as in comparison with about Rs 28,000 crore spend on oil and fuel manufacturing within the earlier fiscal.
ONGC expects to keep up its manufacturing dominance, contributing 65 per cent of India’s projected 40 million tonnes a 12 months of output in subsequent three years, he added.
Gross income in the course of the quarter declined 1.2 per cent to Rs 21,189 crore in comparison with the corresponding interval final fiscal.
For the total 12 months, FY21, ONGC registered a 16.5 per cent decline in revenue at Rs 11,246 crore and a 29.2 per cent fall in gross income at Rs 68,141 crore, in comparison with the earlier 12 months.
ONGC stated it had declared a complete 10 discoveries (3 in onland, 7 in offshore) throughout FY21 in its operated acreages. Out of those, six are new prospects (1 in onland, 5 in offshore) and 4 are swimming pools of present finds (2 in onland, 2 in offshore).

With the monetisation of Ashoknagar-1 discovery, “Bengal basin became the eighth sedimentary basin of India from which hydrocarbon has commercially been produced. This has resulted in up-gradation of Bengal basin to Category-I basin as per the new three-tier category-classification of sedimentary basins of India,” stated ONGC.
The firm stated it had really useful a ultimate dividend of Rs 1.85 per share, taking the whole dividend for FY21 to Rs 3.60 per share.