ONGC was down 0.48% to Rs 156.60 at 11:16 IST on BSE after net profit rose 61.1% to Rs 8,264.61 crore on 47.6% increase in net sales to Rs 27,989.17 crore in Q2 September 2018 over Q2 September 2017.
The result was announced on Saturday, 3 November 2018.Meanwhile, the S&P BSE Sensex was down 133.56 points, or 0.38% to 34,878.09.
On the BSE, 6.58 lakh shares were traded in the counter so far compared with average daily volumes of 3.88 lakh shares in the past two weeks. The stock had hit a high of Rs 164.70 and a low of Rs 156.10 so far during the day. The stock hit a 52-week high of Rs 212.90 on 25 January 2018. The stock hit a 52-week low of Rs 144.90 on 8 October 2018.
The company got $73.07 for every barrel of crude oil it produced and sold in Q2 September 2018, up 47.8% from $49.43 per barrel realisation a year ago. Because of the depreciation in rupee, ONGC's realisation soared 61% to Rs 5,117 per barrel.
ONGC got $3.06 per million British thermal unit for natural gas as opposed to $2.48 per mmBtu last year.
Oil production fell 6.9% to 4.93 million tonnes, but gas output was up 2.9% at 6.13 billion cubic metres in Q2 September 2018 over in Q2 September 2017.
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Drilling Rig Sagar Samrat was under conversion into a Mobile Offshore Production Unit (MOPU) for oil production from WO-16 Cluster. The MOPU was scheduled to be commissioned in the beginning of FY2019, which could not be done because of failure on part of the contractor. The non-availability of MOPU as per schedule led to a loss of oil production of about .35 MMT. ONGC took stringent action to terminate the contract and proactively awarded a new contract recently for commissioning of MOPU by March 2019, ONGC said in a statement.
In WO-16 Cluster, all the 15 wells have been completed, which will be put on production once the MOPU is commissioned, the firm added.
ONGC has notified 7 discoveries so far in FY2019 out of which 4 new discoveries have been made since last press release in this regard on 30 May 2018 (2 new prospect and 2 new pool discoveries). Out of the 4 new discoveries, 3 have been made in onshore blocks while 1 discovery has been made in offshore block.
ONGC is the largest crude oil and natural gas company in India, contributing around 70% to Indian domestic production.
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