ONGC rose 2.24% to Rs 191.95 at 11:52 IST on BSE after net profit rose 15.22% to Rs 5014.67 crore on 14.90% rise in net sales to Rs 22995.88 crore in Q3 December 2017 over Q3 December 2016.
The result was announced after market hours on Friday, 9 February 2018.Meanwhile, the S&P BSE Sensex was up 220.03 points, or 0.65% to 34,225.79.
On the BSE, 6.54 lakh shares were traded in the counter so far compared with average daily volumes of 7.10 lakh shares in the past one quarter. The stock had hit a high of Rs 194.50 and a low of Rs 191.15 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 155.30 on 27 June 2017.
ONGC realised a price of $60.58 per barrel for its crude from the nominated fields in Q3 December 2017, 16.9% higher compared with $51.80 in Q3 December 2016. In rupee terms, the realisation rose 12.2% to Rs 3,922 per barrel in Q3 December 2017 over Q3 December 2016.
Oil price realised from its joint ventures rose 15.4% to $53.78 per barrel in Q3 December 2017 over Q3 December 2016. In rupee terms, the realisation rose 10.8% to Rs 3,482 per barrel in Q3 December 2017 over Q3 December 2016.
Total crude oil production fell 1% to 6.340 MMT in Q3 December 2017 as against 6.406 MMT in Q3 December 2016. Total natural gas production rose 4.2% to 6.277 billion cubic meter (bcm) in Q3 December 2017 as against 6.025 bcm in Q3 December 2016.
In a separate announcement on Saturday, 10 February 2018, ONGC announced that ONGC Videsh-led Indian consortium has been awarded 10% stake in Lower Zakum Concession, Offshore Abu Dhabi. The concession award by the Supreme Petroleum Council (SPC), on behalf of the Abu Dhabi government, to the Abu Dhabi National Oil Company (ADNOC) and the Indian Consortium, is the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi's hydrocarbon resources. The Indian consortium comprising of Indian petroleum sector public enterprises is led by ONGC's international arm ONGC Videsh and includes Indian Oil Corporation and the international arm of Bharat Petroleum Corporation (Bharat Petro Resources). The Indian consortium would contribute a sign-up bonus of $600 million to enter the concession for a 10% stake. The concession has a term of 40 years with an effective date of 9 March 2018.
ADNOC is finalizing the potential partners for the remaining 30% of the available 40% stake in the Lower Zakum Concession earmarked for international oil and gas companies. The current production of this field is about 400,000 barrels of oil per day (bopd) and Indian consortium annual share shall be about 2 MMT. The field profile is to set to achieve plateau target of 450,000 bopd by 2025.
The present transaction marks entry of ONGC Videsh in highly prospective UAE region and is consistent with its stated strategic objective of adding high quality producing assets to its existing E&P portfolio.
ONGC is engaged in oil and gas exploration. The Government of India held 67.72% stake in ONGC as per the shareholding pattern as on 31 December 2017.
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