State-run explorer Oil and Natural Gas Corp (ONGC) on Friday posted a 15 per cent rise in net profit at Rs 5,014.67 crore for the third quarter ending December buoyed by higher realisations.
ONGC had posted a profit after tax of Rs 4,352.33 crore in the corresponding quarter a year ago, the company said in a statement here.
Higher crude prices meant ONGC got $60.58 for every barrel of oil produced during the quarter in consideration as against $51.80 in the period of the last fiscal.
The gas price realised during the third quarter was also higher at $2.89 per million British thermal unit as against $2.5 per mbtu in same quarter of 2016-17.
The company's gross revenue for the quarter was Rs 22,996 crore, up 14.9 per cent over the same quarter last year 20,014 crore.
ONGC's crude oil production during the quarter, however, fell 1 per cent compared to last year to 5.2 million tonnes, while gas output rose 4.5 per cent to 6 billion cubic metres.
According to the statement, the company has made 10 oil and gas discoveries so far in the ongoing fiscal. Among the latest discoveries is an oil find in Cauvery basin where a well on the L-II PML Block struck two oil-bearing zones.
"The success in this well has helped in establishing the Nannilam Play (sand) to be of commercial interests at a very shallow depth for further exploration in addition to the known Basement play in the Mattur-Pundi area and declared as a new prospect discovery," it said.
Last month, ONGC completed the acquisition of the Centre's 51.11 per cent stake in Hindustan Petroleum Corp. for Rs 36,915 crore,
The ONGC stock closed lower on Friday at Rs 187.75 a share, down 80 paise, or by 0.42 per cent on its previous close on the BSE.
--IANS
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