The public sector giant Oil and Natural Gas Corporation (ONGC) has shown a down slide of 8.2 percent in net profit for the first quarter of financial year 2017-18. The organisation however has registered an increase of 7.2 percent in gross revenue as compared same quarter of last year. Company’s gas production has registered healthy 10.8 percent increase while the crude production has increased by 2.9 percent. Noticeably ONGC has notified five discoveries in the quarter one (3 new prospects and 2 new pool discoveries). Out of the five discoveries, three have been made in offshore blocks while two discoveries have been made in onshore blocks.
The new prospect discoveries are in Cambay Basin, Mumbai off shore basin and KG off shore basin. The new pool discoveries are in West Tripura and KG Offshore.
The oil major has shown a gross revenue collection of 19073 crore in First quarter this year which is higher than 17784 crore recorded during similar period last year. The net profit of company at Rs 3885 crore however has shown a down slide against Rs 4233 Crores in the quarter I of last year. The total crude oil production during this quarter stood at 6.444 Million Metric Tonnes (MMT) an increase from 6.345 MMT last year.