State-run oil and gas major ONGC on Friday reported a multi-fold rise in its standalone net profit for the April-June quarter, at Rs 4,335 crore was 772.2 per cent higher than Rs 497 crore in Q1 of previous fiscal when demand as well as price had plummeted due to coronavirus-related lockdown, the company said in a statement.
In a tweet, ONGC said:
Its gross revenue for the first quarter of FY22 stood at Rs 23,022 crore, nearly 77 per cent higher than Rs 13,011 crore earned in the same period of FY21.
"However, the revenue for the quarter ended June 30, 2020,were impacted by low crude oil and natural gas prices due to the COVID-19 pandemic and volatile global crude oil and natural gas markets. Accordingly, the same are not comparable with those for the quarter ended June 30, 2021," it said in a regulatory filing.
The firm got $65.59 for every barrel of crude oil it produced and sold in the first quarter of the 2021-22 fiscal as compared to $28.87 per barrel realisation in April-June 2020.
Gas price was lower by a quarter at $1.79 per million British thermal unit.
The company has assessed the possible impact of continuing COVID-19 on the basis of internal and external sources of information and expects no significant impact on the continuity of operations, useful life of property plant and equipment, recoverability of assets, trade receivables among others, and the financial position of the company on a long-term basis.
ONGC production of crude
The company produced nearly 5 per cent less crude oil at 5.4 million tonnes in the quarter while natural gas output was 4.3 per cent lower at 5.3 billion cubic metres.
Of the oil production, ONGC produced 4.6 million tonnes from fields it operates and another 0.55 million tonnes from those in joint ventures with other partners. Own production was down 4.2 per cent and joint venture output fell 2.8 per cent.
ONGC's own gas production was down 5.3 per cent at 5.1 billion cubic metres while that of joint venture fields was up by a third to 0.2 billion cubic metres. Overall the gas output was down 4.3 per cent at 5.3 billion cubic metres.
(With Agency inputs)
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